Answer:
Explanation:
15. Assume there is no way to prevent someone from using an interstate highway, regardless of whether or not he or she helps pay for it. This characteristic is called:
A. Nonrivalry B. Nonexcludability C. Nontaxability D. Nondiscrimination
The correct answer is Nonexcludability. In economics, a good or service is called excludable if it is possible to prevent people (consumers) who have not paid for it from having access to it. By comparison, a good or service is non-excludable if non-paying consumers cannot be prevented from accessing it.
16. In a free-market economy, a product which entails a positive externality will be:
A. Overproduced B. Underproduced C. Produced at the optimal level D. Associated only with goods and services provided by the government
The correct answer is (A) Overproduced: the benefits associated with a product exceed those accruing to people who consume it.
21. A nation's real GDP was $250 billion in 2009 and $265 billion in 2010. Its population was 120 million in 2009 and 125 million in 2010. What is its real GDP per capita in 2010?
A. $2,120 per person B. $212 per person C. $21,200 per person D. $205 per person
The correct Answer is $2120 per person
Real GDP per capita: Real GDP divided by Population. This is the "average" output of the economy per person measured in a base year prices. That is $265,000,000,000/125,000,000 = $2120 per person.
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