A good example of a merit good is
a. community colleges
b. national security
c. lighthouse
d. sewer systems
e. traffic lights
A
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Providing a fixed number of workers with additional capital will ________ average labor productivity at a ________ rate.
A. increase; increasing B. decrease; decreasing C. increase; constant D. increase; decreasing
Mr. Scrooge owns assets worth $100 million. The rate of return on his assets is 5 percent per year. Mr. Scrooge's wealth is ________, and his income is ________
A) $5 million a year; $100 million B) $100 million; $5 million a year C) $100 million; $105 million D) $5 million a year; $100 million a year
If a firm pays all transportation costs and it is very costly to transport the inputs, but relatively inexpensive to transport the final product, the cost-minimizing location for the plant will be closer to the ________ and farther away from the ________.
A) customers; distributors B) customers; inputs C) distributors; customers D) inputs; customers
If a firm refuses to hire any minorities due to a personal prejudice, its profits
a. will increase markedly. b. will not be affected. c. will increase slightly. d. will decrease.