Safe Bank has an outside display which has the time and temperature that is always correct. This is an example of
A) an interference in the workings of the price system.
B) a breakdown in communication between the bank and its customers.
C) a negative externality.
D) a positive externality.
Answer: D
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A study discussed in the Making the Connection feature in the text found that there is ________ that some consumers are not well aware of prices, even for goods they buy regularly
A) substantial evidence B) no evidence C) little evidence D) no reason to believe
Perfectly competitive markets will tend to under-allocate resources to nonexclusive public goods because:
a. these goods are produced under conditions of increasing returns to scale. b. no single individual can appropriate the total benefits provided by the purchase of such goods. c. these goods are best produced under conditions of monopoly. d. no private producer can provide the capital necessary to produce such goods.
The Bureau of Labor Statistics collects _______ measures of unemployment.
A. 4 B. 5 C. 6 D. 7
Economic growth is equal to:
a. total factor productivity plus amounts of resources. b. growth in total factor productivity plus growth in amounts of resources. c. total factor productivity minus marginal factor productivity. d. real GDP plus national output. e. GNP plus GDP.