Public goods could effectively be provided by private markets, but we choose to provide them through government.
Answer the following statement true (T) or false (F)
False
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Refer to the scenario above. What is the equilibrium outcome in this case?
A) Both firms will dump their waste into the river. B) Neither of the firms will dump its waste into the river. C) Firm 1 will dump its waste into the river, while Firm 2 will not dump its waste. D) Firm 2 will dump its waste into the river, while Firm 1 will not dump its waste.
If nominal GDP is $10 trillion, and the money supply is $2 trillion, velocity is
A) 0.2. B) 5. C) 10. D) 20.
Why specialize?
A) because assigning each worker a variety of tasks makes her more productive B) It usually increases productivity. C) to decrease our dependence on each other D) There is no economic rationale for specialization.
The net increase to total surplus when a positive externality is corrected is due to:
A. the increased number of units bought and sold in the market. B. the transfer of surplus from the consumer to those affected by the externality. C. the transfer of surplus from those affected by the externality to the consumer. D. None of these statements is true.