A true public good is characterized by
A. depletability but not excludability.
B. excludability but not depletability.
C. both depletability and excludability.
D. neither depletability nor excludability.
Answer: D
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Goods that cannot be consumed without excluding other consumers are
A) public goods. B) free. C) are not scarce. D) all of these choices.
There are a smaller number of firms that operate in both monopolistic competition and perfect competition.
Answer the following statement true (T) or false (F)
The supply of human capital to a particular use is
a. perfectly inelastic in the short run. b. perfectly elastic in the long run. c. more inelastic in the short run since it takes time for persons to acquire a particular skill. d. more elastic in the short run since individuals who already possess the particular skill can be attracted into the labor force in the short run.
Open-market operations are such a powerful tool of monetary policy that they are seldom used
a. true b. false