All of the following are examples of public goods that government has assumed responsibility for over the years except
a. national parks
b. interstate highways
c. sewage systems
d. street lighting
e. stock exchanges
E
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Which of the following statements explains why monopolies weaken the functioning of the invisible hand?
A) A monopoly is a price taker. B) The quantity produced by a monopoly is too low. C) Monopolies face an upward sloping demand curve. D) A monopoly sets the price of its good below marginal costs.
Which of the following is not an example of an economic trade-off that a firm has to face?
A) whether it is cheaper to produce with more machines or with more workers B) whether it should produce more of its product C) whether or not consumers will buy its products D) whether it is to outsource the production of a good or service
Which of the following is true?
a. Inflation and unemployment rates can both increase in the short run in response to positive supply shocks. b. Inflation and unemployment rates can both decrease in the short run in response to reduced aggregate demand. c. Inflation and unemployment rates can both decrease in the short run in response to negative supply shocks. d. None of the above.
Which of the following transactions would be recorded as a credit in the U.S. current account?
A. a Japanese bank's purchase of IBM stock B. a Japanese consumer's purchase of an Apple computer C. an American tourist's payment to a Japanese hotel D. an American consumer's purchase of a Toshiba VCR