If the money supply grows at 6% and the inflation rate is 2%, the quantity theory predicts that the change in real GDP will be

Which of the following about public goods is true?

a. Consumption of a public good by one individual reduces the availability of the good for others. b. It is extremely difficult to limit the benefits of a public good to only the people who pay for it. c. Public goods are free to a society when they are produced by the government. d. From an efficiency standpoint, a market will generally supply too much of a public good.

Market failure will most likely arise from poor information when the product is

a. a repeat-purchase item. b. easily evaluated on inspection. c. often purchased from the same seller. d. unlikely to be purchased from the same seller in the future.