Explain how public goods provided by the federal government differ from public goods provided by the state and local governments
What will be an ideal response?
The federal government provides goods and services such as national defense and the legal system. These are goods and services that benefit the entire nation or else substantial parts of it. The state and local governments provide mainly education and highways, which benefit primarily residents within the state or locality.
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As long as a bank's stockholders' equity is greater than zero:
A) the stockholders in the bank bear all the risk involved. B) the customers of the bank bear all the risk involved. C) the bank bears all the risk involved. D) bank runs are not possible.
The Bureau of Economic Analysis divides it's statistics on GDP into four major categories. List the categories of expenditures and define each
What will be an ideal response?
OPEC has had a sustained effect on the price of oil since it was first founded in 1960
Indicate whether the statement is true or false
Economic freedom:
a. is the right to own property. b. means not having to pay taxes. c. is absent in rich countries. d. affects only poor people. e. is the ability to engage in voluntary trade.