Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Answer: A) common sense and morality."
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The process of asset transformation refers to the conversion of
A) safer assets into risky assets. B) safer assets into safer liabilities. C) risky assets into safer assets. D) risky assets into risky liabilities.
Breakfast anyone? Which of the following pairs best represents complementary goods?
a. bacon and saugage b. butter and margarine c. bacon and eggs d. toast and rolls e. coffee and tea
Public libraries, art galleries, and the National Institutes of Health are examples of
a. merit goods b. public goods c. social goods d. private goods e. exclusive goods
Economic variables whose values are measured in monetary units are called
a. dichotomous variables. b. nominal variables. c. classical variables. d. real variables.