A public museum is an example of a
A) government-sponsored good.
B) public good.
C) good which generates a positive externality.
D) good which generates a negative externality.
A
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What makes the Federal Reserve so unique compared to other central banks around the world is its
A) centralized structure. B) decentralized structure. C) regulatory functions. D) monetary policy functions.
The main rationale for government regulatory functions is
A) to regulate for-profit institutions. B) to make sure that firms are maximizing profits. C) to expand the scope of the government. D) to protect consumer interests.
A monopolistically competitive firm:
A. sometimes distinguishes its output from that of its competitors by locating in a more convenient place. B. sells products that are perfect substitutes for its competitors' products, so must compete on the basis of location. C. sells products that are close substitutes for its competitors' products, so will locate as far away from its competitors as possible. D. will be more successful the more similar its output is to its competitors' output.
If you assume that the equation of exchange is a dependable economic model, then the Fed can control
A. real GDP. B. aggregate supply. C. nominal GDP. D. economic growth.