Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
A. impossible since resources are limited.
B. examples of negative externalities.
C. public goods.
D. food and other necessities.
Answer: C
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If aggregate expenditure in an economy equals 1,000 + 0.9Y and full employment real GDP equals 9,000, then this economy has
A. an inflationary gap. B. no output gap. C. a recessionary gap. D. no autonomous expenditure.
The increase in total output that results from a unit increase in the employment of a variable input is equal to the input's
a. total product. b. marginal product. c. average product. d. marginal cost.
?An example of moral hazard is
a. A taxi driver paid per mile taking a longer route than necessary b. a piece-rate garment worker shirking more than a per hour worker c. an hourly salesman working harder than a commission salesman d. an author on contract going to as many book signings as one with a percentage royalty rate
Figure 16.5Figure 16.5 depicts the market effects of a gasoline tax. How much revenue does the government collect from the gasoline tax?
A. (PA-PC)xQ2 dollars B. (PA-PC)xQ1 dollars C. (PA-PB)xQ2 dollars D. (PA-PB)xQ1 dollars