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ECON 102 Economics 2 – Microeconomics Quiz 4

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When externalities cause substantial positive benefits for third parties, a competitive market:

Suppose you own $50,000 of personal property, $5,000 of stock in General Statics Corporation, a $10,000 savings account, and $20,000 of government bonds. If General Statics goes bankrupt, the most you could lose is:

A tax is progressive if the average tax rate rises as income increases. Select one:

About two-thirds of all Federal spending is for national defense

 

Increasing taxes and reducing government expenditures might be helpful in constraining inflation.

Refer to the above diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (6) might represent:

In a competitive market

 

An example of a public good is cable television. 

Refer to the above diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. If the economy were in a serious recession, it would be most appropriate for government to:

In performing its stabilization function, it may be appropriate for the nation's central bank (the Federal Reserve in the United States) to take actions to:

In performing its stabilization function it may be appropriate for government to: Select one:

As it relates to a public good, nonexcludability means that

 

The market system does not produce public goods because: Select one:

If a good's production creates substantial positive externalities and no negative externalities, then too:

Refer to the above diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (1) might represent:

An owner's liability for the debts of a business is: Select one:

Limited liability means all members of a partnership are liable for the debts incurred by one another.

 

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