If the Consumption of a Good Decreases the Quantity Available

question 55

Multiple Choice

If the consumption of a good decreases the quantity available for another person, the good is

• A) rival.
• B) excludable.
• C) pure.
• D) free.

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Definitions:

Nominal Interest Rate

The interest rate before adjustments for inflation, representing the stated or face interest rate on a loan or investment.

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling over a specific period of time.

CPI

This index reflects the mean shift in costs over time for a collection of consumer goods and services as experienced by urban buyers.

Ear of Corn

An ear of corn is the part of the corn plant that contains the kernels, which are the seeds of the plant, encased in a husk.