A difference between the market and the public sector is that
A) competition exists only in the market sector.
B) resources are only scarce for the market sector.
C) decision making is by majority rule in the public sector but not in the market sector.
D) only the public sector produces private goods.
C
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) total economic surplus equals areas
A. A + B + C + E + F + J + I. B. A + B + C + D. C. A + B + C. D. A + B + C + E + F.
The figure above shows the marginal social cost of generating electricity and the marginal private cost. For 4 billion kilowatts, what is the marginal external cost?
A) $0.12 B) $0.08 C) $0.04 D) $0.00 E) $0.20
Excess reserves are
A) desired reserves minus actual reserves. B) required reserves minus actual reserves. C) liquidity funds minus actual reserves. D) actual reserves minus desired reserves.
Determining the optimal level of military expenditures is easy because the preferences of the median voter a reflected in the vote for president
a. True b. False