Which of the following would be considered an economic function of government?
A) providing a legal system
B) promoting competition
C) providing public goods
D) All of the above are correct.
Answer: D
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Generally, positive externalities result in
A. too much of a good being produced. B. the socially optimal output of a good being produced. C. too little of a good being produced. D. either a or c E. any of the above
Trade between countries that is without restrictions is called
A) unencumbered trade. B) unabated trade. C) free trade. D) unobstructed commerce.
International reserves are
A) assets denominated in a foreign currency and used in international transactions. B) reserves the Fed requires banks to hold against Eurodollar deposits. C) reserves the International Monetary Fund requires banks to hold if they wish to participate in the market for foreign exchange. D) central bank holdings of gold.
If a linear supply curve has a zero intercept, the elasticity of supply is always unitary
What will be an ideal response?