The distinguishing characteristic of a public good is
A. noncompetitive production.
B. durability.
C. nonrival consumption.
D. exclusivity.
Answer: C
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According to monetarists, such as Milton Friedman ________
A) the central bank should have discretionary authority to respond to economic problems that develop over the course of the business cycle B) the Taylor rule should effectively address the problem of inflation C) an increase in government spending has substantially the same effects as an unanticipated increase in the money supply on domestic interest rates D) the money supply should grow at a constant rate regardless of the state of the economy
The wage of a known high-quality worker, wh, is $10,000. The wage for a known low-quality worker, wl, is $4,000. The share of the work force that is of high quality, s, is 0.5
For what value of the cost, c, of a college education that serves only as a signal of a high-quality worker does a pooling equilibrium exist? A) c > $3,000 B) c < $3,000 C) c < $1,000 D) c = $2,500
Based on this figure, if an exchange rate of $0.09 dollars per Norwegian krone is maintained, the Norwegian government will gain (in dollar) ________ worth of international reserves per period.
A. 495 B. 605 C. 5,500 D. 220
If a monopolist produces to a point at which marginal revenue is greater than marginal cost then
A) profits are being maximized. B) profits will always be negative. C) the incremental cost of producing the last unit exceeds the incremental revenue. D) the incremental cost of producing the last unit is less than the incremental revenue.