Which of the following is a public good created by the market?
a. Broadcast radio
b. Tornado sirens
c. Street lights
d. Cable television
a. Broadcast radio
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The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?
A) The total revenue will increase. B) The total revenue will decrease. C) The total revenue will not change. D) There is not enough information to determine what happens to the total revenue.
In both New Zealand and Canada, what has happened to the unemployment rate since the countries adopted inflation targeting?
A) The unemployment rate increased sharply. B) The unemployment rate remained constant. C) The unemployment rate has declined substantially after a sharp increase. D) The unemployment rate declined sharply immediately after the inflation targets were adopted.
A recession tends to cause the federal budget deficit to ________ because tax revenues ________ and government spending on transfer payments ________
A) increase; rise; falls B) decrease; rise; falls C) increase; fall; rises D) decrease; fall; rises
A budget line represents all the combinations of two good a consumer can buy with a given amount of money and fixed prices for the goods
a. True b. False Indicate whether the statement is true or false