With a tax of $4,000 on $24,000 taxable income, the average tax rate is

On holiday weekends thousands of people picnic in state parks. Some picnic areas become so overcrowded the benefit or value of picnicking diminishes to zero. An overcrowded picnic area is an example of

a. a private good. b. a club good. c. a Tragedy of the Commons. d. public good.

If the money multiplier is 8, the required reserve ratio is

A. 8%. B. 12.5%. C. 16%. D. 20%.