Which of the following items is an example of a good that is nonrival but excludable?
A. National defense
B. Broadcast television
C. Pay-per-view movies
D. Corn
Answer: C
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"The Department of Agriculture came out today with its prediction for food price next year—4 to 5 percent increases on top of this year's already steep gains… Eggs, dairy products and cereals are up 10 percent
But the USDA says another big part of the American diet has seen only moderate price increases. Beef, poultry and pork will be up only 3 percent this year." Calculate Jennika's price elasticity of demand for pork if she decreases her consumption by 4 percent. A) 1.25 B) 1 C) 0.75 D) 0.66
GDP measures
A. the market value of final products produced in the nation during the year.
B. the sum of the market value of final products produced and imported during the year.
C. the market value of intermediate products produced during the year.
D. the sum of the market value of both final and intermediate products produced during the year.
The mortgage is said to be underwater when
A) the value of the house exceeds the value of the mortgage. B) the house is flooded. C) the value of the mortgage exceeds the value of the house. D) none of the above
If the demand for a product falls and the supply stays the same
A. the market clearing price will fall and the equilibrium quantity will rise. B. both the market clearing price and the equilibrium quantity will fall. C. the market clearing price will rise and the equilibrium quantity will fall. D. both the market clearing price and the equilibrium quantity will rise.