Are whales excludable? Are they rival in consumption? How do we classify whales in terms of the four types of goods?
Whales are not excludable, but they are rival in consumption, so whales are classified as common resources.
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The production possibilities curve:
A. shows all of those levels of production that are consistent with a stable price level. B. indicates that any combination of goods lying outside the curve is economically inefficient. C. is a frontier between all combinations of two goods that can be produced and those combinations that cannot be produced. D. shows all of those combinations of two goods that are most preferred by society.
If a bank receives a new deposit of $10,000, and the required reserve ratio is 25 percent, then the new money that can be created by the banking system, including the initial deposit, is:
A. $25,000. B. $2,500. C. $4,000. D. $40,000.