A cheeseburger is a
a. common resource, because it is rival in consumption but not excludable.
b. public good, because it is rival in consumption but not excludable.
c. public good, because it is excludable and rival in consumption.
d. private good, because it is excludable and rival in consumption.
d
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Explain the difference between Cross-Section and Time-Series Regression Analysis
What will be an ideal response?
When an economy is in an economic boom, discretionary fiscal policy would call for _____________, and the automatic stabilizers would _____________.
A. lowering tax rates; lower tax revenues B. lowering tax revenues; lower tax rates C. increasing tax rates; increase tax revenues D. increasing tax rates; lower tax revenues
When a good is nonexcludable,
a. it is impossible or very costly to exclude nonpaying customers from receiving the good. b. individuals will have an incentive to become free riders. c. it will be difficult for a private firm producing the good to generate revenue sufficient to cover the cost of production. d. all of the above are true.
The Clayton Antitrust Act
a. was opposed by labor unions. b. defended monopolies. c. outlawed price discrimination. d. never went into effect.