Privatizing a public park would most likely do all of the following except
a. create a negative externality
b. give people a more attractive park
c. allow the new property owners to earn a profit
d. assign property rights to the new owners
e. bring in government revenue through the sale
A
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All of the following are true, except
a. Some consumers may infer high quality from high price b. Low prices can indicate lower quality given that no other information is available c. Promotional campaigns do not affect consumer's perception on quality d. It makes more sense to raise price when advertising makes demand less elastic
Consumer surplus is the difference between the most that consumers would pay and ________
a. the actual amount they do pay b. the amount they want to pay c. the actual amount it costs to produce d. none of the above
The average tax rate is:
A. change in taxes/change in taxable income. B. total taxes/total taxable income. C. the sum of the marginal tax rate and the rate of transfer payments. D. the tax on incremental income less the tax on total income.
The Fed uses open market operations to
A. determine the discount rate. B. determine the required reserve ratio. C. determine the federal funds rate. D. buy or sell government securities.