A public museum is an example of a
A. public good.
B. good which generates a negative externality.
C. government-sponsored good.
D. good which generates a positive externality.
Answer: C
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The inflation that occurred during the Civil War (1861–1865) can be described as all of the following except
(a) A means of expropriating resources to fight the war (b) A form of taxation to provide resources to fight the war (c) A representation of a decrease in the purchasing power of money (d) A less expensive way of paying for the war than taxation
If good B is a complement to good A, then a rise in the price of B
a. increases the quantity demanded of A b. decreases the demand for A c. increases the demand for A d. decreases the quantity demanded of A e. will cause the demand for B to increase
Which best describes labor unions?
A. They are not generally accepted as an American institution. B. They are accepted as an American institution. C. They are more powerful today than they were 50 years ago. D. They were at the peak of their power in the early 20th century.
Assuming an economy is initially at potential output, in the long run, an expansionary monetary policy is expected:
A. not to affect output in either the short run or the long run. B. to affect output in both the short run and the long run. C. not to affect output in the long run. D. to affect output, but only in the long run.