Which of the following is true of public goods?
a. The market mechanism helps to signal the quantity that is demanded by the public.
b. Payment for consumption is efficiently provided by market prices.
c. Consumption by one person does not preclude consumption of the same good by another person.
d. The public sector is guided to produce the correct quantity by market prices.
e. Voluntary contributions will be sufficient to finance the production of public goods.
C
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The velocity of money is the __________ number of times a dollar is spent to buy final goods and services in a year
A) total B) average C) marginal D) statistical
Italy has a comparative advantage in the production of which product?
If the receiver in the "ultimate bargaining game" cares not just about his final wealth level but also about fairness,
A. the allocator will make a one-sided offer. B. the receiver will reject a one-sided proposal. C. the receiver will always receive the full $20. D. the receiver will accept a one-sided offer.
Which of the following is an argument against the idea that tariffs are necessary to protect against dumping?
a. It is difficult to assess whether a country is dumping its products or simply has lower production costs. b. Products dumped by foreign suppliers are usually outdated and pose no threat to domestic suppliers. c. It is considered more important to stockpile foreign goods to maintain supply during a war. d. Tariffs are not needed to counter dumping because environmental laws are in place to punish violators.