The Pennsylvania Turnpike is a tolled freeway running through the state of Pennsylvania. Motorists must pay tolls at various points along the Turnpike based on the distance they traveled on the freeway. Suppose that despite the tolls, many motorists in the urban areas use the Turnpike causing traffic to slow during peak times. What type of good would the Turnpike be classified as in this case?
a. private good
b. club good
c. common resource
d. public good
a
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Legally established titles to the ownership, use, and disposal of factors of production are referred to as
A) property rights. B) Coase rights. C) pollution rights. D) emission rights. E) price-setting rights.
If 1-year interest rates for the next three years are expected to be 1, 1, and 1 percent, and the 3-year term premium is 1 percent, than the 3-year bond rate will be
A) 1 percent. B) 2 percent. C) 3 percent. D) 4 percent.
American manufacturers rapidly dropped waterwheels when the steam engine was introduced
Indicate whether the statement is true or false
Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, which triggered higher inflation rates in the United States. This type of inflation is best classified as:
a. pseudo-inflation. b. demand-pull inflation. c. cost-push inflation. d. hyperinflation.