Club goods differ from pure private goods in that
A) club goods are nonexcludable while pure private goods are excludable.
B) club goods are excludable while pure private goods are nonexcludable.
C) club goods are nonrival while pure private goods are rival.
D) club goods are nonexcludable while pure private goods are excludable.
C
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Table 1.1 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.1Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)S0NA10 T1 9 U2 7 V3 4NAThe lowest opportunity cost e in Table 1.1 for B-1 bombers in terms of Stealth bombers is
A. 0.5 Stealth bomber per B-1 bomber. B. 0 Stealth bombers per B-1 bomber. C. 2 Stealth bombers per B-1 bomber. D. 1 Stealth bomber per B-1 bomber.
Social demand is equal to
A. Public demand plus or minus externalities. B. Private goods plus or minus externalities. C. Tax revenue plus or minus externalities. D. Market demand plus or minus externalities.
Macroeconomics is concerned with
A) individual business firms. B) specific markets. C) individual consumers. D) a nation's economy.
Which of the following items is NOT a component of the income approach to measuring U.S. GDP?
A) interest earned on savings deposits B) profits made by businesses C) income earned by businesses that export goods D) investment