National defense is an example of a ________
A) public good
B) natural monopoly good
C) common resource
D) private good
A
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If the income elasticity of demand for a good is positive, the good is a normal good
a. True b. False Indicate whether the statement is true or false
Which of the following statements best describes the U.S. economy since 1960?
a. Potential output has risen steadily, but actual output has fluctuated above and below full-employment output. b. Actual output has risen steadily, but potential output has fluctuated above and below actual output. c. Potential output and actual output have both not risen steadily. d. Potential output and actual output have both fluctuated above and below what the classical model predicts. e. Potential output has remained constant but actual output has risen.
Which of the following helped reduce sulfur dioxide emissions, a leading cause of acid rain? (i) corrective taxes (ii) tradable pollution permits (iii) amendments to the Clean Air Act
a. (i) only b. both (i) and (ii) c. (iii) only d. both (ii) and (iii)
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the value added of DeLux Popcorn Co.?
A. $2.00 B. $1.50 C. $0.50 D. $2.50