What does it mean when a good is excludable?
a) One person's use of the good diminishes another person's ability to use it.
b) Everyone will be excluded from obtaining the good.
c) People can be prevented from using the good.
d) No more than one person can use the good at a time.
Ans: c) People can be prevented from using the good.
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If a firm has a total cost of $150 and a variable cost of $100 for producing 5 units of output, then the fixed cost is:
a. $35. b. $50. c. $250. d. $100.
The relationship between annual real per-capita GDP and corruption across countries has been found to be
A) negative. B) positive. C) The relationship was negative in the late 1960s but is now positive. D) The relationship was in the late 1960s but is now negative. E) There is no relationship between these two variables.