Both private goods and club goods are
a. rival in consumption.
b. nonrival in consumption.
c. excludable.
d. nonexcludable.
c
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When a paper producer pollutes the air, economists argue that there is
A) efficiency, if production is at its maximum level. B) a positive externality. C) an external cost. D) a cost paid solely by the firm.
An economy where private individuals guided by the invisible hand make decisions is known as a:
A. market economy. B. centrally planned economy. C. socialist economy. D. barter economy.
Deregulation of the airline and trucking industry has (i) resulted in considerable entry of new firms or (ii) has forced workers in these industries to make large concessions on wages and working conditions.
A. i and ii B. i but not ii C. ii but not i D. neither i nor ii
Federal Reserve monetary policy goals include
What will be an ideal response?