Public goods are ________ in consumption
A) excludable but non-rival
B) non-excludable and non-rival
C) rival but non-excludable
D) excludable and rival
B
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A roller coaster operator produces thrill-packed rides using electricity and a roller coaster. For the roller coaster operator, electricity is
A. an opportunity cost. B. a variable cost. C. a fixed cost. D. a sunk cost.
An increase in a nation's trade deficit occurs when that nation's exports rise and/or its imports fall
a. True b. False Indicate whether the statement is true or false
Which group is most likely to argue that an increase in government spending will be more effective than a reduction in taxes as a tool to promote recovery?
a. monetarists b. Keynesian economists c. supply-side economists d. new classical economists e. All of the above; there is a consensus on this issue.
Which of the following is NOT a characteristic of a perfectly competitive market?
A. Each firm in the market sells a somewhat different variant of the good. B. There are many sellers, each of which sells only a small fraction of the total quantity exchanged. C. Sellers can easily buy and sell the productive resources needed to enter the market. D. Buyers and sellers are well-informed.