A public good is:
a) Only consumed by the purchaser.
b) Any good produced by a unit of government.
c) The source of the free-rider dilemma.
d) Priced in the market like private goods.
Ans: c) The source of the free-rider dilemma.
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Over the past fifty years, there has been substantial closure of the gap in real GDP per person between which of the following groups of countries?
A) the United States and Central and South America B) Africa and Western Europe C) Central and South America and Africa D) the United States and Japan
Asset deflation generally:
A. cannot occur because people will know it will follow asset inflation. B. is more harmful than the preceding inflation was helpful. C. is less harmful than the preceding inflation was helpful. D. is neither good nor bad, it merely redistributes income.
Which of the following is a topic studied in Macroeconomics?
A. aggregate behavior of households and industries B. the functioning of individual industries C. the behavior of individual households D. the decision-making behavior of individual business firms
When dealing with negative externalities, government action is required
A) only if transactions cost are low. B) for any bargain to be successful. C) only in environmental disputes. D) only if transactions costs preclude bargaining between polluter and victim.