Common resources have which of the following characteristics?
a. Nonexcludable and rivalrous
b. Nonexcludable and nonrivalrous
c. Excludable and rivalrous
d. Excludable and nonrivalrous
a. Nonexcludable and rivalrous
Goods that are nonexcludable and rivalrous are called common resources.
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The table above has information about the CPI, nominal wage rate, and nominal interest rate for the country of Syldavia for the years 2010 to 2012. The reference base year is 2010. The inflation rate in Syldavia from 2010 to 2011 was
A) 5.0 percent. B) -9.5 percent. C) 3.0 percent. D) 9.5 percent. E) -5.0 percent.
We study the simple model of competitive markets because it helps to:
A. provide useful insights to markets that are not perfectly competitive. B. show how the government controls the economy. C. indicate whether buyers or sellers matter more. D. show how poorly the economy actually functions.
At the end of the day, Gracia's Pizza looks into the cash register to count up the day's total revenue. Another way of calculating its total revenue would be to find
a. price × average revenue b. price × marginal revenue c. price × quantity d. marginal revenue × average revenue e. marginal revenue × marginal cost
An example of a quantity restriction is
A) the minimum wage. B) an import quota. C) rent controls. D) price supports in agriculture.