When you buy an automobile, you can prevent others from gaining any benefit simply by denying them access to the automobile. In this sense, an automobile is a(n)
a. exclusive good
b. rival good
c. public good
d. merit good
e. nonexclusive good
A
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Before the Industrial Revolution, standards of living differed
A) greatly over time and across countries. B) little over time, but differed greatly across countries. C) greatly over time, but differed little across countries. D) little over time and across countries.
A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2014 was 240. Approximately how much did the movie star earn in 2014 dollars?
A) $0.87 million B) $8.66 million C) $6.44 million D) $7.74 million E) ?$8.19 million
Annabel retired from the fire department. She started volunteering two hours a day at an unpaid job in the local hospital. Annabel is
A. employed. B. unemployed. C. a discouraged worker. D. not in the labor force.
The Federal Open Market Committee (FOMC) of the Federal Reserve System is primarily for
A. issuing currency and acting as the fiscal agent for the federal government. B. maintaining cash reserves that can be used to settle international transactions. C. setting the Fed's monetary policy and directing the purchase and sale of government securities. D. supervising banks to make sure that markets are open to all and remain competitive.