When it is costly or impossible to prevent a person who hasn't paid for a particular good from using it, then that good is classified as being _____
a. excludable
b. rival
c. non-excludable
d. non-rival
c
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Which of the following would shift the supply curve for coffee to the right?
a. An innovation in agricultural techniques that allows growers to produce coffee less expensively. b. A late frost in Brazil that destroys 75% of its coffee bean crop. c. An increase in the wages paid to coffee bean pickers. d. A rise in the popularity of espresso, cappuccino, and other exotic coffee drinks.
The role of the entrepreneur in society is to
A. regulate what products are considered safe to market. B. provide capital to the firm which the management combines with labor. C. control the land upon which all production takes place to get the most rent. D. bring the factors of production together and take the risks of producing.
To cut costs in the face of declining demand and increased competition, many fast food restaurants have focused on reducing:
A) labor costs. B) utility costs. C) paper napkin costs. D) none of the above.
In calculating GDP, the largest component of total expenditures is
a. consumption b. imports c. net exports d. investment