When a good ends up undersupplied, we can assume it is a:
A. private good.
B. public good.
C. common resource.
D. transitory good.
Answer: B
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In an efficient economy,
a. no one could be made better off by a change in the way goods are allocated b. revenue for all firms is maximized c. a change in the way goods are allocated could make someone worse off d. goods are allocated fairly among individuals e. no one would be made worse off if there is a change in the way goods are allocated
One World View article is titled "Bono Says "Stupid" to Pay Irish Taxes."" The band U2 moved its corporate headquarters to Amsterdam because the Irish government
A. Capped remittances to band members in other countries. B. Capped tax-free royalty income at $360,000. C. Raised taxes on corporate profits. D. Raised marginal tax rates on upper-income earners.
Governments that discourage profit seeking will tend to encourage more innovation because the best innovators are motivated by inner creativity and not money.
Answer the following statement true (T) or false (F)
Which statement is false?
A. Had the stock market not crashed and the rest of the world not gone into a depression, the U.S. depression might have been avoided. B. By the end of 1930 thousands of banks had failed. C. By the first week in March 1933 every single bank in the United States had shut its doors. D. None of the statements are false.