Providing public goods is a(n)
A) economic function of government.
B) political function of government.
C) economic and political function of government.
D) price system function.
A
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The quantity of money is $1 billion, the price level is 1.10, and real GDP is $10 billion. What is the velocity of money?
What will be an ideal response?
Which of the following is a potential monetary policy instrument for the Fed?
A) federal funds rate B) loanable funds C) inflation rate D) profit rates E) real interest rate
If a firm is in an antitrust court case being accused of monopolizing a product, the firm would hire an economist to show
A) the cross-price elasticity of demand between the firm's good and another is positive. B) the price elasticity of demand for the firm's good is highly inelastic. C) the income elasticity of the firm's good is inferior. D) the cross-price elasticity of demand between the firm's good and another is negative.
Refer to Table 9-12. Which country has a comparative advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country