An example of a good that is nonexcludable is:
A. cable TV.
B. a computer.
C. a published scientific discovery.
D. a concert.
Answer: C
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Which type of audit ensures the accuracy of financial statements?
a. financial statement audit b. salary audit c. operational audit d. compliance audit e. integrated audit
Compared to those in low-income countries, the residents of countries with high per person incomes nearly always
What will be an ideal response?
Which one of the following is true of a market for used cars?
A. A consumer typically overestimates the probability of getting a lemon (low-quality car). B. As buyers become more pessimistic about their chances of buying a high-quality car, the price of used cars (both low-quality and high-quality) decreases. C. There is a public information problem. D. The willingness to pay is less than the willingness to accept.
Transaction costs are
A) the costs associated with making a transaction that is required by the government. B) not true costs since they are often not paid. C) the costs associated with exchanges in the service area. D) the costs associated with making, reaching and enforcing agreements.