A good is considered to be nonexcludable if
A) your consumption of the good reduces the quantity available for others to consume.
B) the producer can keep those who did not pay for the good from consuming the good.
C) the producer finds it difficult to keep those who did not pay for the good from consuming the good.
D) it is jointly owned by all members of a community.
C
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Thomas Schelling's most notable work dealt with ________, which lead to his advising role for the film Dr. Strangelove
A) neighborhood segregation B) nuclear annihilation C) medical malpractice D) psychotherapy
An increase in the price of MP3 players will result in
A) a smaller quantity of MP3 players supplied. B) an increase in the supply of MP3 players. C) a decrease in the demand for MP3 players. D) a larger quantity of MP3 players supplied.
All of the following are examples of normative statements EXCEPT:
A. Low unemployment is more desirable than low inflation. B. High rates of economic growth are preferable to low rates. C. Output per person should increase at an average annual rate of 5 percent. D. Output per person typically grows more slowly than output per worker.
Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a:
A. consumer at the electronics store; the e-Bay transaction did not occur in a market. B. consumer at the electronics store and a seller on e-Bay. C. seller in both markets. D. consumer in both markets.