A good that is not rival and not excludable is a ______ good.
a. private
b. public
c. common
d. club
b. public
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As of 2012, mortgage-backed securities made up approximately what portion of securities held by a bank?
A) 5% B) 20% C) 50% D) 70%
Which of the following relationships is NOT valid?
A) Rising marginal cost implies that average total cost is also rising. B) When marginal cost is below average total cost, the latter is falling. C) When marginal cost is above average variable cost, AVC is rising. D) none of the above
Which of the following is associated with inelastic demand?
a. a limited amount of time for consumers to respond to a price change b. availability of many close substitutes c. large percentage of income spent on the good in question d. all of the above
Some adults who were not working are included in the Bureau of Labor Statistics' "employed" category
a. True b. False Indicate whether the statement is true or false