As viewed by economists, a public good ______.
a. can be controlled only by the government
b. is hard to prevent people from using
c. cannot be physically touched or moved
d. is purchased with tax revenue
b. is hard to prevent people from using
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Which of the following statements is true?
A) All economic agents are necessarily individuals. B) A worker who shirks work is not an economic agent. C) A government is an example of an economic agent. D) A street gang is not an economic agent.
If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for
a. unskilled labor will rise and skilled labor will fall. b. skilled labor will rise and unskilled labor will fall. c. both skilled and unskilled labor will rise proportionately. d. both skilled and unskilled labor will be unaffected, assuming no barriers to free trade.
In the Great Recession of 2007-2009, the stock market values shrank, causing a reverse:
A. Wealth effect
B. Real-balances effect
C. Interest-rate effect
D. Expectations effect
Suppose that the return on assets other than bonds falls. In the bond market this will result in a(n):
A. increase in the price of bonds. B. movement down the bond demand curve. C. shift to the left of the bond demand curve. D. shift to the left of the bond supply curve.