________ is an example of a public good.
A. A Starbucks grande latté
B. Chemotherapy
C. An American Airlines jet
D. Police protection
Answer: D
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The percentage of world GDP represented by the G7 is ________ and the percentage of world GDP represented by the BRIC economies is ________
A) falling, rising B) falling, falling C) rising, falling D) rising, rising
On the graph above, suppose the economy is at point 1. Which sequence of points best illustrates the short-run and then long-run impacts of a permanent tax reduction? [Assume that potential output remains constant at .]
A) 2, 4, 1 B) 7, 2, 5 C) 2, 7, 6 D) 7, 8, 1
Government can
a. Create wealth by not interfering in the markets in any way what so ever b. Not affect wealth in the markets c. Create wealth by enforcing property rights and contracts d. Create wealth by making choice decisions for the market
Screening is
a. actions by the informed party to reveal her true risks b. actions by the informed party to conceal her true risks c. actions by the uninformed party to uncover the true risks d. actions by the uninformed party to conceal the true risks