If the benefit of a public good is small to each individual in a society of millions of individuals:
A. it cannot really be a public good since the benefit of public goods is always large.
B. the total benefit will be small since individuals cannot share the benefits of public goods.
C. it will never be efficient for government to provide the public good.
D. the total benefit will be large since social benefit is the sum of all individual benefits.
Answer: D
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In the U.S., one example of a cartel that is legal is
A) the railroads, including Union Pacific. B) the oil industry. C) Major League Baseball. D) None, all cartels are prohibited.
A person who is out of work, available for work, but not seeking work is
a. counted as unemployed. b. part of the labor force. c. a discouraged worker. d. a fictionally unemployed person.
The market demand curve is calculated by:
A. Summing the price from individual demand curves. B. Averaging the price demanded from individual demand curves. C. Summing the quantities demanded from individual demand curves. D. Averaging the quantities demanded from individual demand curves.
Suppose that the United States and Italy both produce wine and shoes. In the United States, wine sells for $10 a bottle and shoes sell for $40 a pair. In Italy, wine sells for 15 euros a bottle and shoes sell for 20 euros a pair. Given this information, trade will flow in both directions if the price of a dollar is between
A. 1.5 and 2.5 euros. B. .5 and .75 euro. C. .67 and 2 euros. D. 2.0 and 3.0 euros.