An economy with only a domestic sector is called:
A) a mixed economy.
B) an open economy.
C) a closed economy.
D) a command economy.
C
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Which of the following is the best example of a public good?
a. food stamps b. police services c. trash removal d. a restaurant meal e. an IPad
"I woke up earlier today to beat other fishermen to the fish and yet I caught the same number of fish at 5 a.m. as I did at noon." Which of the following best explains this occurrence? a. Many other fishermen also believe that they can catch a greater quantity of fish if they arrive earlier at the fishing area. So the area is crowded early in the day. b. The fish do not care when they eat, so
they are likely to bite on the bait at any time during the day. c. The catching of fish is mostly luck, so timing is not important. d. The early bird catches the worm.