The free-rider problem arises because:
A. once provided, a public good is available to all regardless of whether they paid for it.
B. poor people cannot afford to contribute to public goods.
C. enforcement of tax laws is inadequate.
D. people disagree with how the government spends its money.
Answer: A
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The shapes of the total product and marginal product curves are related because
a. an increase in total product pulls marginal product up. b. marginal product gives the slope of total product. c. marginal product increases as total product increases. d. the marginal product curve lies above the total product curve.
If a person buries his money in his backyard, he is using money as a medium of exchange
a. True b. False Indicate whether the statement is true or false
Using the production function Real GDP = T (L, K), and the LRAS curve, describe the process by which a decline in taxes on the returns to capital impacts economic growth
Between 1968 and 2008 the poorest 60% of the population experienced a _______ in its percentage share of the nation's wealth.
A. substantial decrease B. small decrease C. small increase D. substantial increase