The good for which neither the principle of mutual excludability nor the principle of rivalry applies is referred to as a:
a. public good.
b. commons good.
c. club good.
d. normal good.
e. private good.
a
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In national income accounting, a "final good" is
A) a finished product. B) something purchased with the goal of further resale. C) something purchased by an ultimate user in the household, business, or government sector. D) something that is impossible to determine.
Contractionary fiscal policy may have a larger effect in reducing aggregate demand in an open economy than a closed economy
a. True b. False Indicate whether the statement is true or false
Which of the following describes the relationship between GDP and government spending?
a. Government spending = GDP + consumption + private investment - exports - imports b. Government spending = GDP - consumption - private investment - exports - imports c. Government spending = GDP - consumption - private investment + exports + imports d. Government spending = GDP - consumption - private investment - exports + imports e. Government spending = GDP + consumption - private investment + exports - imports
In perfect competition, an economic profit can be earned
a. only in the long run b. only if the firm is efficient c. only in the short run d. never e. always