Which of the following items would be considered scarce?
A. diamonds
B. water
C. plastic
D. All of these are scarce.
Answer: D
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The funds firms use to buy and operate physical capital are referred to as
A) government capital. B) physical capital. C) business capital. D) human capital. E) financial capital.
Who was the effectively in charge of the Fed during the early 1930s?
A) Secretary of Treasury B) Head of the Federal Reserve bank of New York C) Comptroller of the Currency D) no one
In a market economy:
a. income is distributed based on the productivity of resources b. the resources owned by different households are not all the same productivity c. both of the above d. neither of the above
When the non exclusion aspect of a public good does not hold, but the nondiminishability component is present, how might the free rider problem be overcome and social efficiency achieved? Give examples from common social practice to illustrate your answer.
What will be an ideal response?