Which of the following is not an example of a public good that the government has made excludable?
A. State colleges.
B. Toll roads.
C. City buses.
D. Fire Protection.
Answer: D
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In 2017, the U.S. median income for a family of four was about $61,000.
Answer the following statement true (T) or false (F)
Which of the following examples shows marginal revenue product?
a. The newest staff member, Genevieve, started with a salary of $1,000 per week. b. Stan had sales of $1,000 per week and was paid $700, leaving profit of $300. c. When JP joined the team, the mechanics were able to service six more cars per day. d. A recent hire, Ganesh, added $1,600 per week to the accounting firm’s hourly billing.
A firm's average costs will be falling whenever its:
a. marginal costs are positive. b. marginal costs are negative. c. marginal costs are less than average costs. d. marginal costs are less than fixed costs.
Why is the optimal quantity of pollution not less than the point at which the marginal benefit equals the marginal cost?
A) The point of intersection occurs at a low level of pollution. B) There are no external costs below that level. C) Below that point firms will have to reduce the quantity that they are currently producing and lower the price. D) Below that point the value that people place on less pollution is less than the cost of reducing the pollution.