Goods that are rival in consumption, but not excludable are:
A. a common resource.
B. a private good.
C. a public good.
D. an artificially scarce good.
A. a common resource.
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When import restrictions are placed on a good, and as a result the price of the good increases, the demand curve for that good will
A) shift rightward. B) shift leftward. C) become steeper. D) be unaffected.
Talona's latest economic data indicates that the growth rate of gross domestic product (GDP) is 0.08 percent and the unemployment rate is 8.1 percent, while Genovia's economic data indicates a continuing upward pressure on price levels. Diagnose the current health of each of these economies, and provide your prescription of the appropriate monetary policy remedy needed in each instance
The best definition of inflation is a(n):
A. decrease in the general price level. B. increase in the price of one important commodity such as food. C. persistent increase in the general level of prices as measured by a price index. D. increase in the purchasing power of the dollar.
Marginal factor cost is
A. the change in total costs due to a one-unit increase in the variable input. B. the marginal cost of changing the rate of production in the long run. C. the change in the price of an input when an additional unit of the input is hired. D. the change in total costs due to a one-unit change in the quantity of the good produced.