Which of the following is a pure public good?
a. cable TV service
b. fire protection
c. a fireworks display
d. corn flakes
e. higher education
C
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Which of the following statements is true of the U.S. economy before 1800?
A) The U.S. economy was growing at an average rate of more than 6% per annum. B) There were no major achievements in arts. C) Sustained economic growth was rare or absent in the U.S. economy. D) There were no major achievements in science and technology.
Mutual funds that offer limited shares that are not redeemable are referred to as
A) open-end. B) closed-end. C) negotiable. D) nonnegotiable.
Figure 7-8
Of the graphs in Figure 7-8, which diagram is most likely to be the marginal cost?
A. 1 B. 2 C. 3 D. 4
The cyclical surplus is $450 billion, potential output is $10 trillion and tax rate is 15 percent. With this information, we can infer that the actual output of this economy is:
A. $13.5 trillion. B. $6.5 trillion. C. $6 trillion. D. $13 trillion.