Average tariff levels in the United States in the last decade are
A) about equal to the average since 1930.
B) above the average since 1930.
C) positive, but below the average since 1930.
D) zero, as there are no longer any tariffs in the United States.
C
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The opportunity cost of constructing a new public highway is the
A. expected cost of constructing the new highway in a future year. B. money cost of hiring contractors and construction workers for the new highway. C. value of shorter driving times and distances when the new highway is completed. D. value of other goods and services that are sacrificed in order to construct the new highway.
Free riding is not a problem in the market for a private good because
A) people who do not pay for the good can be excluded from consumption. B) the good is a rival good. C) the market eliminates the problem of externalities. D) The question errs because free riding is a problem in providing private goods.
A Price Ceiling is the;
(a) Minimum price consumers are willing to pay for a product. (b) Minimum price usually set by government that sellers must charge for a product. (c) Maximum price usually set by government that sellers must charge for a product. (d) None of the above.
Which of the following would be an asset to a bank?
A. Cash in the vault B. A loan to a university student C. A government security D. All of these responses are correct.