A good that is nonrival but exclusive is called
a. a private good
b. a public good
c. a quasi-private good
d. an external good
e. a normal good
C
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The "demonstration effect" created by advertising: a. manipulates consumer needs for trivial products
b. creates urges among consumers to buy products previously unknown to them. c. conveys misleading claims to the consumer. d. none of the above
The repurchase agreement market dried up during the Great Recession because:
a. Counterparty risk increased, which caused normal lending channels to fail and lines of business to shrink. b.The collateral backing these agreements fell in value, causing large massive calls for additional collateral. c. Many participants were uncertain about the value of the securities backing these agreements. d. All of the above.