Markets are generally more effective at providing? ________ and governments are most effective at providing? ________.
A) pure public goods; common pool resources
B) pure private goods; pure public goods
C) common pool resources; club goods
D) club goods; pure private goods
Ans: B) pure private goods; pure public goods
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John and Sally have identical preferences except that Sally's utility is exactly 10 times John's for each basket of goods. If they have the same income and face the same prices
A) Sally will consume 10 times the amount that John consumes. B) Sally will receive 1/10 the satisfaction of John. C) both will consume the same amount of all goods. D) John and Sally will have equal total utility.
Since the middle 1980s, Bolivia and many other less-developed countries have experienced
a. negative terms of trade b. constant terms of trade c. increasing terms of trade d. decreasing terms of trade e. zero terms of trade