A public good is
A. any good provided by government.
B. a good that can be most cheaply provided by government, though it may in fact be provided by private enterprise.
C. a good whose benefits cannot readily be restricted to a small group of people.
D. a good whose benefits cannot be enjoyed by an individual alone.
Answer: C
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When a business fails to cover sunk costs, it usually
A) declares a stock split. B) declares bankruptcy. C) does not immediately stop operating. D) stops operating until sunk costs are recovered.
When countries specialize, total world output increases, and, therefore, the potential for greater total world consumption also increases
a. True b. False Indicate whether the statement is true or false
Explain how the Fed would use its four tools to decrease and to increase the money supply
A seller in a competitive market
a. can sell all he wants at the going price, so he has little reason to charge less. b. will lose all his customers to other sellers if he raises his price. c. considers the market price to be a "take it or leave it" price. d. All of the above are correct.