Which of the following goods is not excludable and not rival in consumption?
a. fish in the ocean
b. tickets to a professional basketball game
c. a tornado siren
d. a premium television channel
c
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Refer to the scenario above. If both individuals are offered movie tickets worth 40 utils today instead of the gift voucher, then which of the following statements is true?
A) Both Susan and Jim will prefer to retain the gift voucher. B) Both Susan and Jim will prefer the movie tickets over the gift voucher. C) Susan will prefer the gift voucher, while Jim will prefer the movie ticket. D) Jim will prefer the gift voucher, while Susan will prefer the movie ticket.
In the long run, total fixed cost will:
a. remain constant. b. increase. c. decrease. d. not exist by definition.
1998 appears to have been a year of
Consider the following hypothetical annual growth rates of real GDP:
a) economic expansion
b) recession
c) depression
d) growth recession
e) stagflation
You're maximizing utility when:
A. (MU of X)/(P of X) = (MU of Y)/(P of Y). B. (MU of X)/ (P of X) > (MU of Y)/ (P of Y). C. (MU of X)/(P of Y) = (MU of Y)/(P of X). D. (MU of X)/(P of X) < (MU of Y)/(P of Y).