Looking at the table of the four types of goods, goods that are nonexcludable consist of ______ goods.
a. private and public
b. private and common
c. public and common
d. public and club
c. public and common
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Some economists argue that the official poverty figures overstate poverty in this country. Why?
What will be an ideal response?
Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store selling spot remover to Dalmatians. He invested $10,000 in the store, which had been in savings earning 5 percent interest. This year's revenues in the new business were $50,000 . and explicit costs were $10,000 . Calculate Ernie's economic profit
a. $10,000 b. $50,000 c. $20,000 d. $40,000 e. $9,500
Income redistribution:
a. may increase total utility for society b. may decrease the total quality of production so much that total utility for society decreases c. both of the above d. neither of the above