Private goods are those goods
A. that violate the principle of rival consumption.
B. that can only be consumed by one individual at a time.
C. for which no public market exists.
D. to which the non-exclusion principle applies.
Answer: B
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Explain why there is an active market for cola-flavored soft drinks in the United States but there is not an active market for sauerkraut-flavored soft drinks
What will be an ideal response?
Based on the chart for federal government expenditures, what are the three highest expenditure categories?
a. transfer payments, interest payments, and other expenditures
b. transfer payments, defense spending, and grants to state and local governments
c. defense spending , grants to state and local governments, and other expenditures
d. interest payments, grants to state and local governments, and other expenditures
Money is destroyed when:
A. loans are made. B. loans are repaid. C. checks written on one bank are deposited in another bank. D. the net worth of the banking system declines.
Which of the following best illustrates the circular flow model in action?
A. Bobbie goes to work and builds cars, and uses the income she receives to buy food at the grocery store. B. Evan buys a new couch; the owner of the furniture store uses some of the money from the sale to pay her supplier, and uses the rest to take her family out to dinner. C. Boeing experiences a surge in orders for new airplanes, prompting the company to hire more workers. D. All of these answers illustrate the workings of the circular flow model.