Which of the following is a consumption good or service?
A) a United Parcel Service truck delivering Christmas gifts
B) a personal computer purchased in order to play games at home
C) a satellite dish installed by Cox Cable to download programs that are then distributed through its cable system
D) a United Airline ticket counter
E) the Endeavor space shuttle
B
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Which of the following statements is correct?
A) The Fed has difficulty covering its normal expenses, but is reluctant to ask Congress for money. B) The Fed is dependent on the annual appropriations it receives from Congress. C) The Fed's profits are substantial, even when compared to the largest U.S. corporations. D) At one time the Fed made substantial profits, but falling interest rates have greatly reduced them.
Which of the following does Luddite reasoning get correct?
A. Historically, the demand for labor has actually increased as technology has advanced. B. New technology frequently causes some specialized labor skills to become obsolete. C. New technology tends to raise total output, leading to an increase in the demand for labor. D. Labor is necessary for building and maintaining machines, and so increased demand for machines increases the demand for labor.
A store of value is the function of money when used to transfer purchasing power to the future.
Answer the following statement true (T) or false (F)
Information problems create inefficient outcomes in:
A. the private sector but not the public sector. B. the public sector but not the private sector. C. neither the private nor the public sector. D. both the private and the public sectors.