Receiving a voucher for an apartment in a public housing project would be an example of a good that satisfies
A) the principle of rival consumption.
B) the definition of a public good.
C) the definition of a good with a positive externality.
D) the nonexclusion principle.
Answer: A
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Which of the following market structures has the highest market concentration?
A) A monopoly B) An oligopoly with differentiated products C) A perfect competition D) A monopolistic competition
Which of the following is an example of roundabout production?
a. A farmer switches from growing soybeans to growing wheat, getting fewer crops per year as a result. b. A farmer switches from growing soybeans to growing wheat, getting more crops per year as a result. c. A self-employed dressmaker becomes a wage worker at a factory that makes dresses. d. A coal mine is sold by its owners to its workers and run as a cooperative. e. A telemarketing firm declares a holiday for two days while a new phone system is installed.