Classify the following goods into public goods, private goods, club goods, or common resources with suitable reasons
a. Congested roads
b. Education provided by a university
a. Congested roads are an example of common resources. Congested roads are not excludable as everybody can drive on them. However, they are rival in consumption because, in the presence of congestion, every additional driver slows down the progress of other drivers.
b. Education provided by a university is an example of a private good. It is excludable in nature because people who cannot afford to pay for the classes are prevented from attending it. It is rival in consumption because an additional student reduces the chance of another student getting enrolled.
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It is true in monopoly pricing that the
A. sky is not the limit. B. market cannot impose a price on a monopolist. C. monopolist is a price maker. D. All of these responses are correct.
________ of a foreign bank operates in the U.S. but cannot accept deposits from domestic residents
A) An agency office B) A universal corporation C) A McFadden corporation D) A Basel branch
Which of the following would disqualify a worker from being counted as unemployed by the U.S. Department of Labor?
a. being a stay-at-home mom b. reentering the workforce after an absence c. actively looking for work d. being 17 years old and in school
Are checking accounts money?
A. No, because checking accounts cannot be traded for goods and services. B. Yes, because checking accounts can be used to buy goods and services. C. No, because checking accounts are not physical money. D. Yes, because the value of a checking account is measured in dollars.