Which of the following is a public good?
A) Telephone service
B) Broadcast TV
C) A daily newspaper
D) The Red Cross
E) all of the above
B
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The United States produced approximately ________ worth of goods and services in 2011
A) $15 trillion B) $15 billion C) $150 trillion D) $150 billion E) $1,500 trillion
Special-interest legislation usually
a. has widespread benefits and costs b. has concentrated benefits and costs c. has concentrated benefits but widespread costs d. concerns the provision of public goods e. concerns the provision of private goods
If actual real GDP is greater than the equilibrium level of real GDP (i.e., the aggregate expenditures function is below the 45-degree line), what happens to restore equilibrium to the economy?
One reason for the differences between the Federal Reserve System and its European counterparts is
a. that the Fed was established earlier b. the tendency for Americans to embrace the idea of a central authority c. the fear that a powerful central bank might be dominated by one group's interests to another group's detriment d. the homogeneity of the United States compared with other nations e. because our definition of money is much different from other countries