As a standard of deferred payment, money can be used to:
a. express debt obligations in the form of purchasing power.
b. foster barter activity.
c. facilitate exchanges of goods and services.
d. achieve a common denominator for measuring the value of goods and services.
e. ascertain the liquidity of financial assets.
a
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The consumption of a club good like cable television: a. is nonexcludable and nonrivalrous. b. is excludable and rivalrous
c. is excludable and nonrivalrous. d. is nonexcludable and rivalrous. e. gives rise to the free rider problem.
The privately-owned school system in Smalltown has a virtually unlimited capacity. It accepts all applicants and operates on both tuition and private donations. Although every resident places value on having an educated community, the school's revenues have suffered lately due to a large decline in private donations from the elderly population. Since the benefit that each citizen receives from
having an educated community is a public good, which of the following would not be correct? a. The free-rider problem causes the private market to undersupply education to the community. b. The government can potentially help the market reach a socially optimal level of education. c. A tax increase to pay for education could potentially make the community better off. d. The private market is the best way to supply education.
By 1967, how did television coverage of the war in Vietnam influence the American public's opinion about this conflict?
A) Scenes of human suffering and devastation convinced the public that the Johnson administration's moral justification of U.S. involvement in Vietnam as a defense of freedom and democracy was no longer true. B) Americans were angered at the Communist victories of the North Vietnamese troops and Vietcong guerrillas and this led them to support the war as a struggle to defeat Communism. C) Americans continued to put their trust in President Johnson and were convinced that the end of the war was in sight. D) Network news largely ignored the conflict in Vietnam, so the American public was unaware of what was taking place there.
U.S. antitrust laws view monopolies as undesirable because
A) monopolies restrain trade and promote inefficiencies. B) monopolies create inferior products. C) monopolies produce only capital goods. D) monopolies produce only cheap, low quality goods.