A merit goods is
a. a public good provided by government that people deem necessary and important
b. a good that the market does not produce in quantities and at prices that governmentbelieves is warranted
c. the highest quality of a public good that government produces
d. a public good produced in the most efficient way
e. a civilian public good as opposed to a national security good produced bygovernment
B
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If the "Marginal Congestion Cost" for a public good is constant then the optimal number of users is infinite
a. True b. False
If Joe buys a coffee at Starbucks, his money serves as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:
A. the number of firms in the market. B. the annual sales made by the largest firms in the market. C. the size of the firms in the market. D the extent to which any firm can influence the price of the product. E the presence of government intervention.
U.S. poverty figures do not include in-kind transfers or underreporting of income.
Answer the following statement true (T) or false (F)