Which of the following statements about the FDIC is untrue?
a. The FDIC helps prevent bank failures.
b. The FDIC was created after the surge in bank failures in the 1980s.
c. The FDIC is a government agency.
d. The FDIC will reimburse depositors for their losses up to $100,000 per demand deposit account

A system of laws and courts generates positive externalities because

A) only governments are capable of creating such systems. B) people cannot choose whether or not to obey the law. C) people who disobey the law benefit from the existence and enforcement of rules applicable to all. D) such a system could not exist without the approval of a majority.

An economy is judged efficient if

a. it is good at producing what people want. b. it produces things that people may not want but in the least wasteful way. c. produces whatever people want in a way that may not be the least wasteful. d. it is a free-market economy and not a command market.