A residual claimant with supervisory powers resolves the difficulties independent workers have in arriving at choices that affect the entire group
Indicate whether the statement is true or false
T
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Answer the following statement(s) true (T) or false (F)
1. Environmental pollution can be characterized as a market failure that distorts the classical market outcome. 2. If we define the relevant market as “environmental quality,” then the market failure is due to the presence of a negative externality. 3. If market is defined as a good or service whose production or consumption generates environmental damage, then the market failure is due to a negative externality. 4. A public good is characterized as possessing either nonrivalry in consumption or nonexcludable benefits. 5. Nonrivalness means that one person’s consumption does not preclude that of another.
Which of the following does not describe a characteristic of short-term economic fluctuations?
A. Expansions and recessions are felt in only a few sectors of the economy. B. The unemployment rate rises during recessions. C. Durable-goods industries are more sensitive to short-term fluctuations than service and non-durable industries. D. Expansions and recessions are irregular in length and severity.
Which of the following describe the United States' unemployment rate over the last 80 years?
i. The unemployment rate has decreased each year since the Great Depression. ii. The unemployment rate has averaged about 5.7 percent since 1929. iii. Job creation due to defense spending and consumer spending in the 1960s drove the unemployment rate to one of its lowest level. A) i and ii only B) ii and iii only C) i, ii and iii D) i only E) i and iii
Pay-per-view broadcasts are ________
A) public goods B) private goods C) club goods D) common pool resources