Wild animals are likely to be
A) private property.
B) endangered species.
C) externalities.
D) all of the above.
Answer: B
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Maximizing social benefit is maximizing consumer surplus
Indicate whether the statement is true or false
Public goods, as defined in economics, are a.. goods that are provided by the government b. overprovided because of their public nature c. provided efficiently in competitive markets but at too low a level d. subject to free-rider problems e. characterized by rivalry and nonexclusiveness
Asymmetric information will lead to
a. higher prices for some used cars, lower prices for others. b. "lemon" prices for good used cars. c. new cars selling for prices lower than good used cars. d. old cars selling for more than new cars.
When the Federal Reserve uses open-market operations to raise the Federal funds rate several times over a year, it is pursuing:
a. A Taylor rule policy b. An expansionary money policy c. A prime interest rate policy d. A restrictive money policy