Which of the following is a government-inhibited good?
A) tobacco
B) red wine
C) public education
D) cocaine
Answer: D
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Data on exports and imports for the United States over the period from 1890 to 2008 show that
A) the United States had large trade deficits throughout this entire period. B) the United States had large trade surpluses throughout this entire period. C) the percentage of total output exported by U.S. firms fell dramatically during World War I and World War II. D) a higher percentage of U.S. goods was exported in recent years than in earlier years.
Suppose there are only two goods – Food (F) and Shelter (S). The demand equations for these two goods depend on their prices, pF and pS as follows:
DF (pF, pS) = 10 – 2pF – pS DS (pF, pS) = 10 – pF – 2pS The supply curves depend only on their own prices: SF (pF) = pF SS (pS) = 5pS Determine the equilibrium price and quantity of these goods.
Foreign citizens have been increasing their ownership of U.S. assets. This contributes to a U.S.
a. deficit on current account. b. deficit on financial account. c. surplus on current account. d. surplus on financial account.
When the government taxes and spends, each activity affects GDP in the same proportion
a. True b. False Indicate whether the statement is true or false