Clean water is considered a __________ and must be shared by everyone.
A. Collective good
B. collective liberty
C. collective right
D. government right
E. political good
Answer: A. Collective good
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Refer to the diagram. An increase in quantity supplied is depicted by a:
A. move from point y to point x.
B. shift from S 1 to S 2 .
C. shift from S 2 to S
D. move from point x to point y.
An exit from an industry on the part of many business firms would cause a _____ in supply.
Fill in the blank(s) with the appropriate word(s).
If nominal GDP rises from one year to the next, then
a. the economy must be producing a larger output of goods and services. b. prices at which goods and services are sold must be higher. c. either output, or the general level of prices, or both must be rising. d. employment and productivity must be rising.
In which of the following would the richest tenth of the population be most likely to receive the highest percentage of the country's income?
A. Namibia. B. The United States. C. Japan. D. The United Kingdom.