An example of a common resource is
A. college education.
B. a public parking lot.
C. a private beach.
D. airline travel.
Answer: B
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Natural monopolies occur when there are
A) large diseconomies of scale. B) external economies. C) large economies of scale. D) natural resources involved.
Suppose that in 2020 the average citizen's federal tax bill is $12,466, and total federal spending is $10,824 per person. In 2020, the federal government will have
a. a budget surplus. b. a budget deficit. c. horizontal equity. d. vertical equity.
Below are pairs of GDP growth rates and unemployment rates. Economists would not be shocked to see most of these pairs in the U.S. Which pair of GDP growth rates and unemployment rates is not realistic?
a) 10 percent; 5 percent b) -1 percent; 8 percent c) 3 percent; 6 percent d) -2 percent; 2 percent
Which of the following is a reason that consumption depends on current income, and not just on total wealth?
A) Banks will not always lend money to those who want to consume more than their income. B) The anticipation of future financial distress makes some people reluctant to borrow. C) Low income people may prefer to postpone some consumption until later years, when their incomes are higher. D) all of the above E) none of the above