Which of the following is most likely to be a private good?
A. Road
B. Park
C. City fireworks display
D. Bicycle
Answer: D
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An import quota is an example of
A) a price ceiling. B) a price floor. C) a queuing device. D) a quantity restriction.
A reserve requirement set by the Federal Reserve is the:
A. minimum amount of currency banks must hold in their vaults. B. maximum amount of currency banks are allowed to hold in their vaults. C. minimum ratio of reserves to bank deposits that commercial banks are allowed to maintain. D. maximum ratio of reserves to bank deposits that commercial banks are allowed to maintain.
Which of the following resources is not essential in the production of a typical cheese pizza?
A) Dough B) Sauce C) Heat D) Fodder for cows E) Trick question: all of the above are essential.
Elasticities are often _______ in the short run than in the long run.
a. higher b. lower c. equal d. congruent