Private goods are goods
A. for which the more one person has the less is available for someone else.
B. that are produced by the government.
C. that carry a price.
D. for which price is greater than zero.
Answer: A
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An economy that is currently producing a gross domestic product worth $200 million but is capable of producing an output worth $180 million at full-employment equilibrium would have a(n):
a. recessionary gap of $50 million. b. expansionary gap of $20 million. c. recessionary gap of $30 million. d. expansionary gap of $40 million.
An example of the external costs due to automobile driving is
A. the opportunity cost of the driver's time. B. the cost of washing dirty cars. C. wear and tear on toll roads. D. air pollution due to exhaust fumes.
In Figure 1.1, which labeled point indicates that there are sufficient resources and technology to produce the combination of goods represented by that point?
A. only A B. only B and C C. only D D. A, B, and C
During this year, Barbara earned $60,000 as a financial analyst, paid taxes of $5,000 and consumed $53,000. If Barbara's wealth was $4,000 at the beginning of the year, at the end of the year Barbara's wealth was
A) $6,000. B) $60,000. C) $2,000. D) $4,000. E) $5,000.