A tornado siren is a
a. private good.
b. club good.
c. common resource.
d. public good.
d
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If you have $5,000 in wealth and the price level decreases by 20 percent, then
A) the $5,000 will buy fewer goods and services. B) the $5,000 will buy more goods and services. C) the real value of the $5,000 decreases. D) the real value of the $5,000 remains constant.
In equilibrium,
A) income = planned expenditures. B) unplanned inventory investment is zero. C) Ep (planned expenditures) crosses the 45-degree income line. D) all of the above.
To be effective, an import quota must
a. reduce the price and increase the quantity of imports b. set the price of the imported good higher than the domestic equilibrium price c. restrict imports to less than would be imported under free trade d. restrict imports to less than exports in trade with that particular country e. be directed at the product of a specific country
The term externalities refers to
A. The impact on markets of imported goods. B. Black-market economic activity. C. The inequitable distribution of income. D. The costs or benefits of a market activity borne by a third party.