A public museum is an example of a
A) government-sponsored good.
B) public good.
C) good which generates a positive externality.
D) good which generates a negative externality.
Answer: A
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Diminishing marginal utility is best illustrated by which of the following statements?
a. A decrease in the price of hot dogs will cause consumers to buy more hot dogs, because the lowered price has increased their effective real income. b. A person will receive less satisfaction from consuming four hot dogs than from consuming three hot dogs. c. A person will receive less added satisfaction from consuming a fourth hot dog in a week than from consuming the third hot dog in a week. d. If the price of hot dogs declines, people's tastes for hot dogs will increase.
Banks act as an intermediary between savers and borrowers by determining the:
A. price at which the quantity of funds saved will be equal to the quantity invested. B. quantity of funds that will be saved depending on the price. C. quantity of funds that will be borrowed, for any given quantity of savings. D. price at which the quantity of funds saved will be more than enough for those who want to borrow.
Money serves as a standard of deferred payment, which means:
a. it acts as an intermediary between the buyer and the seller. b. it will still hold its value. c. it is the ruler by which other values are measured. d. it must also be acceptable to make purchases today that will be paid in the future.
In Hong Kong, the monetary authority can only increase the monetary base if they accumulate more U.S. dollars because:
A. the monetary authority in Hong Kong operates a currency board where its sole objective is to fix the exchange rate between its currency and the U.S. dollar. B. Hong Kong has received substantial funding from the U.S. Treasury and the loans were conditional on maintaining the value of the Hong Kong currency. C. the currency of Hong Kong is the U.S. dollar. D. the IMF required Hong Kong to peg its currency to the U.S. dollar in order to obtain a loan.