The Mansfield Public Library has a large number of books that anyone with a library card may borrow. Anyone can obtain a card for free. Because the number of copies of each book is limited, not everyone can have the same book at the same time. What type of good would the library books be classified as in this case?
a. private goods
b. club goods
c. common resources
d. public goods
c
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Which of the following is a central bank asset?
A) domestic securities and bills B) currency notes C) bank reserve deposits D) government deposits
A monopolist that chooses price
A) necessarily produces less than a monopolist that chooses quantity, hence the laws against price fixing. B) produces the same amount as a monopolist that chooses quantity. C) produces more than a monopolist that chooses quantity, thus the irony of laws against price fixing. D) could produce more or less than a monopolist that chooses quantity since the demand curve is not specified.
According to the above figure, what are the profits of the firm if it produces 50,000 units?
A) -$5,000 per day B) -$10,000 per day C) -$7,500 per day D) -$17,500 per day
The president of the United States receives tax policy advice from economists in the
a. Federal Reserve. b. Department of Justice. c. Department of the Treasury. d. Congressional Budget Office.