Which of the following would be considered a private good?
a. a ferry boat ride to an island with open seating
b. a public beach
c. fish in the ocean
d. a swimming suit
d
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The practice of spreading one's wealth over a variety of different financial investments in order to reduce overall risk is called:
A. diversification. B. following the risk premium. C. allocation. D. risk reservation.
A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
Risk-averse people cut their risks by:
a. diversifying their wealth into physical assets. b. investing their wealth into similar kinds of assets. c. investing their wealth only in risk-free assets. d. diversifying their wealth into different assets.
Proprietary technology is knowledge that is
a. known but no longer used much. b. known, but only recently discovered. c. known mostly by only those in a certain profession. d. known only by the company that discovered it.