Private goods are not excludable.
Answer the following statement true (T) or false (F)
False
You might also like to view...
The value of Russia's petroleum exports rises predictably when it is cold in Europe and declines during the warmer months. Is the spot exchange rate (euro/RUB) likely to match this pattern?
What will be an ideal response?
The function of money that provides for a commonly recognized measure of value for the price system is a(n)
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
Which of the following determines the overall price and output in the short run?
A. AD B. AS C. Both AD and AS D. GDP
Give an example of income elasticity of demand for a normal good and an inferior good. Calculate a sample income elasticity of demand for each.
What will be an ideal response?