Which of the following is likely to be nonexcludable but rival?
A) walking along a crowded hiking trail
B) watching cable TV
C) viewing flowers along the highway
D) listening to a local radio station
A
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Doubling the circumference of an oil pipeline more than doubles the volume of oil that can be pumped through. This is an example of
a. production inefficiency b. diminishing marginal returns c. diseconomies of scale d. constant returns to scale e. economies of scale
In the short run, which of the following is FALSE about the shutdown point?
A. Product price is equal to the minimum average variable cost. B. Total revenue is equal to total fixed cost. C. Total revenue is equal to total variable cost. D. Price multiplied by quantity must be equal to minimum average variable cost multiplied by quantity.
In a mixed closed economy:
A. government purchases and saving are injections, while investment and taxes are leakages. B. taxes and government purchases are leakages, while investment and saving are injections. C. taxes and savings are leakages, while investment and government purchases are injections. D. taxes and investment are injections, while saving and government purchases are leakages.
When deciding what to use as money, one characteristic to look for is the:
A. shape. B. stability of value. C. exchange value D. intrinsic value.