From the In the News article titled, "Firefighters Watch as Home Burns to the Ground," Which of the following is true?
A. Fire protection is always a public good.
B. Fire protection paid for like fire insurance is a public good.
C. Fire protection paid for like fire insurance is a private good.
D. None of the choices are correct.
Answer: C
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Answer the following questions true (T) or false (F)
1. Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants. 2. Scarcity is a problem that will eventually disappear as technology advances. 3. An economic model is a simplified version of reality used to analyze real-world economic situations.
In general, the IMF provides developing countries with:
A. loans and lets these countries decide how the loans will be used. B. technical advice but does not provide them with loans. C. loans, but only if the government adopts certain policies specified by the IMF in return. D. neither loans nor technical advice.