An example of a good that is nonexcludable is:
A. an art exhibition with an admission fee.
B. a piece of Velcro.
C. space exploration.
D. a bottle of Tang.
Answer: C
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Data on output and aggregate expenditure in Macroland are given below.Output(Y)Aggregate Expenditure2,0002,3003,0003,2004,0004,1005,0005,0006,0005,900Based on these data, the short-run equilibrium level of output is:
A. 3,200. B. 2,000. C. 5,000. D. 4,100.
Between 1958 and 2000 . competition in the US has remained relatively constant
a. True b. False
If the Fed's monetary policy causes a substantial decrease in interest rates, what is the most likely impact on velocity?
a. It will decrease. b. It will increase. c. It will remain constant. d. Velocity is unrelated to interest rates.
Exhibit 14-3 Impact of flights on house valueEach time Orville flies over Wilber's house, the noise reduces the value of Wilbur's house. The table shows the profits to Orville of each flight, and the value of Wilbur's house. Numberof flights Totalprofits Marginalprofits Value of Wilbur'shouse 1 $10,000 $10,000 $100,000 2 18,000 8,000 95,000 3 24,000 6,000 90,000 4 28,000 4,000 85,000 5 30,000 2,000 80,000 As shown in Exhibit 14-3, if Orville has the property right to fly over Wilbur's house, but Wilbur is allowed to negotiate with Orville on the number of flights, what will be the number of flights?
A. 2. B. 3. C. 4. D. 5.