Which of the following is true about private goods?
A. They are rival in consumption.
B. They can have external benefits.
C. They are consumed by a single person or household.
D. All of these are true.
Answer: D
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When the BEA calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year to year, this is called calculating GDP using
A) current-year prices. B) fixed-weight prices. C) fixed base-year prices. D) chained-weighted prices.
Which of the following Lorenz curves is closest to the diagonal line?
A. The after-transfer income distribution B. The after-tax income distribution C. The before-tax distribution of income D. The before-tax, before-transfer income distribution
An import quota for sugar results in an increase in
A) the domestic market price of sugar. B) the domestic demand for sugar. C) the domestic market supply of sugar. D) sugar imports.
Selling baked goods out of your home or apartment is illegal in Wisconsin and New Jersey. In these states, baked goods must be prepared in commercial kitchens that are subject to state inspection if they are to be sold to the public. For home bakers in
these two states, they barrier to entry they face is A) due to economies of scale. B) due to ownership of a key resource. C) government imposed. D) self imposed.