Urban traffic moves as effectively as it does because
A) all drivers have the same attitudes regarding courtesy, safety, and speed.
B) drivers are usually concentrating intently on their own narrow goals.
C) insurance does not cover all the costs of an accident.
D) drivers take other drivers' specific goals and interests into account.
E) police are able to enforce the city's traffic plan.
B
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Which of the following is the main reason for externalities?
A) The full cost of a transaction is not borne by the buyer/seller of the product. B) Police enforcement of scalping is not uniformly enforced. C) the lack of organized exchanges for all goods and services D) The production of public goods uses up scarce resources.
Goods are scarce when:
a. their price is too low. b. their price is too high. c. the amount people want is more than the amount available at a zero price. d. people want less of something as compared to what is available. e. their prices are controlled.
If the Fed decides to sell $10 million in securities and the Paris First National Bank writes out a $10 million check to purchase these securities, then the
a. Paris First National Bank now has $10 million more of excess reserves at the Fed b. Paris First National Bank has $10 million fewer reserves c. Fed has increased its asset position by $20 million d. Fed has reduced its asset position by $20 million e. money supply will likely increase due to the economy's inflationary phase
The production possibilities curve represents which of the following?
a. the amount of goods attainable with variable resources. b. the maximum amount of goods attainable with variable resources. c. the maximum combinations of goods attainable with fixed resources. d. the amount of goods attainable if prices decline.