Private goods are characterized by:
A. rivalry and nonexcludability.
B. rivalry and excludability.
C. nonrivalry and nonexcludability.
D. nonrivalry and excludability.
Answer: B
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Suppose you received a 5 percent increase in your nominal wage. Over the year, inflation ran about 2 percent. Which of the following is true?
a. Your real wage increased. b. Your nominal wage decreased. c. Both your nominal and real wages decreased. d. Although your nominal wage rose, your real wage decreased.
Which of the following is not correct?
a. High-skilled immigration has many economic benefits. b. Each year in the United States, about one-third of the people earning a PhD. in science or engineering are foreign born. c. Low-skilled immigration lowers the earnings of native-born workers by 10-20 percent. d. Illegal immigrants may pay less in taxes, but they also are ineligible for many government benefits.