Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight
The event is open to everyone, but it is advised you arrive early to be able to participate because the square quickly becomes crowded with no space left for latecomers. This celebration is most like a A) common resource.
B) public good.
C) private good.
D) natural monopoly.
A
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Suppose that the Federal Reserve (Fed) wishes to implement an expansionary (loose) policy to increase economic growth in the U.S. economy. Which policy would the Fed most likely adopt?
Increase income taxes Increase interest rates Reduce interest rates and increase money supply reduce the money supply
Which of the following factors is associated with products with a highly price elastic demand?
a. Few close substitutes. b. A very short time period for consumers to respond to price changes. c. Many very close substitutes. d. A per unit price that is only a very small portion of most peoples' budgets.
A pound of steak costs $10 in the U.S. and 56.25 riyals (the currency of Saudi Arabia) in Saudi Arabia. If the real exchange rate is 2/3, what is the nominal exchange rate? Show your work
Which of the following is an example of a transaction that is made even though complete information is not possible?
A. Joe buys a puppy in hopes that the puppy will be his hiking companion for the next 20 years. B. Mike saves his money by putting it in a mutual fund. C. Alex buys house insurance and has never filed a claim. D. All of these are examples of transactions that must be made with incomplete information.