Public goods are
A. rival and exclusive.
B. exclusive, but not rival.
C. rival, but not exclusive.
D. neither exclusive nor rival.
Answer: D
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From an economic viewpoint, the optimal amount of pollution:
a. is zero since all pollution imposes costs on society. b. is that amount which firms create when they maximize economic profits by setting their marginal private costs equal to market price. c. is that amount where the marginal social costs of producing a good precisely equals the price of the good. d. b and c are correct.
The demand for money varies:
A. inversely with wealth. B. inversely with the liquidity of other financial assets. C. directly with the liquidity of other financial assets. D. not all with the liquidity of other assets since money is liquid.
In Exhibit 1, at what quantity and price have all the mutually beneficial opportunities of trade been reached between suppliers and demanders?
a. quantity of four and price of $4
b. quantity of three and price of $5
c. quantity of two and price of $6
d. quantity of one and price of $4
Economists assume people's tastes are identical
Indicate whether the statement is true or false