A public good is a good or service for which consumption by one person makes consumption by others impossible.
Answer the following statement true (T) or false (F)
False
A public good is a good or service whose consumption by one person does not exclude consumption by others.
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the price of a hamburger bun, a complement for hamburger meat?
A) Figure B B) Figure C C) Figure D D) Figures A and B
Cyclical unemployment is caused by
A) technological change. B) fluctuations in the business cycle. C) a dynamic economy in which people want to switch jobs sometimes. D) predictable shifts in production associated with different seasons.
A spike in "All Other Outlays" of the federal government in 2009 was due to: a. an increase in the financial aid given to Greece earlier that year
b. an increase in the expenditures on Social Security and Medicare. c. the fiscal stimulus package passed earlier that year. d. a sudden increase in military expenditure as a result of the war in Iraq. e. an increase in the national debt earlier that year.
In a market system, which of the following will eliminate high-cost producers, and allow only the low-cost producers to survive?
A. Competition B. Money C. A sovereign government D. Specialization