The U.S. system of resource ownership
a. is pure capitalism
b. excludes any state ownership of resources
c. includes government restrictions on the use of privately owned resources
d. is designed to eliminate the problem of scarce resources
e. excludes any communal ownership
C
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If a state requires all drivers to buy auto insurance, the problem of adverse selection is eliminated
Indicate whether the statement is true or false
The price of an airline ticket rises as the amount of time between purchase and flight departure gets smaller. The airlines base the policy on the assumption that
a. consumers are not aware of airline prices. b. consumer demand is unrelated to prices. c. consumer demand becomes more elastic as departure time approaches. d. consumer demand becomes more inelastic as departure time approaches.
The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:
A. 1, 2, 4, 8. B. 8, 4, 1, 2. C. 4, 8, 2, 1. D. 8, 4, 2, 1.
In the Keynesian model in the short run, a decrease in government purchases causes output to ________ and the real interest rate to ________.
A. rise; rise B. fall; rise C. fall; fall D. rise; fall