A lighthouse might be considered a private good if
a. there is a second lighthouse nearby, thus preventing a monopoly.
b. the owner of the lighthouse is able to exclude beneficiaries from receiving the benefits of the lighthouse.
c. ships are able to enjoy the benefits of the lighthouse without paying for the benefit.
d. a nearby port authority is able to avoid paying any fees to the lighthouse owner.
b
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The primary functions of money are:
a. velocity, liquidity, and transactions. b. speculative demand, measure of value, and precautionary demand. c. a medium of exchange, a unit of account, and a store of value. d. a store of value, heterogeneity, and a medium of exchange. e. currency value, fiat value, and accepted value.
The idea that inflation by itself reduces people's purchasing power is called
a. the inflation tax. b. menu costs. c. the inflation fallacy. d. shoeleather costs.