An example of a final service is:
A. a tire to replace your flat.
B. a used car.
C. getting the oil changed in your car.
D. Tires purchased by Ford to put on their new Explorers.
C. getting the oil changed in your car.
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The marginal social cost, MSC, of producing a good or service equals
A) MC + MB. B) MB + marginal external cost. C) MB + marginal external benefit. D) MC + marginal external cost.
Savers may prefer to use financial intermediaries rather than lending directly to borrowers because financial intermediaries:
A. increase the risk of lending. B. offer higher rates of return than available elsewhere. C. have a monopoly on lending. D. reduce the cost of gathering information about borrowers.
A ______ economy is an economy where government and the private sector together determine the allocation of resources.
a. traditional b. command c. mixed d. market
(Consider This) Unintended consequences leading to inefficient outcomes are more likely with government programs than in the private sector because:
A. in the private sector the invisible hand guides resources to their best uses when people strive for efficiency. B. government employees are systematically less competent than those in the private sector. C. government has no real motive in allocating resources efficiently. D. laws restrict government officials from considering effects of a policy outside the main objectives of the policy.