Which of the following would be the best example of a near public good?
a. a candy bar
b. a painting by Monet
c. a taxi cab
d. a beautiful sunset
e. a national park
E
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Price ceilings set a legal maximum price on a product or commodity.
Answer the following statement true (T) or false (F)
The main policy making body of the Federal Reserve System is the
A) Federal Monetary Conditions Board. B) Board of Presidents of the Federal Reserve Banks. C) Board of Governors of the Federal Reserve System. D) Federal Open Market Committee. E) Board of Advisors.
If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
If you watch a pay-per-view movie on a cable TV, the movie is:
A. an excludable good/service but nonrival in consumption. B. an excludable good/service and rival in consumption. C. a non-excludable good/service but rival in consumption. D. a non-excludable good/service and nonrival.