Answer the following statement(s) true (T) or false (F)
1. A non-congested toll road is an example of a good that is excludable, but not rivalrous in consumption.
2. Public goods can frequently be provided by private action when the resulting benefits are widespread.
3. All economists agree that a public good is one the is nonrivalrous and nonexcludable.
4. When a public goods increases the desirability of living in a certain area, benefits tend to be captured entirely by an increase in land values.
5. In a Clarke tax scheme, the amount of tax that a person pays depends, in part, on his revealed preference for the public good.
1. True
2. False
3. False
4. True
5. False
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The expenditure multiplier explains how a change in
A) real GDP leads to a change in autonomous expenditure. B) autonomous expenditure leads to a change in real GDP. C) real GDP leads to a change in induced expenditure. D) induced expenditure leads to a change in autonomous expenditure. E) induced expenditure leads to a change in real GDP.
Ceteris paribus means allowing all things to change.
a. true b. false
A merger between firms in which one firm purchases an input from the other is called a
A. horizontal merger. B. vertical merger. C. conglomerate merger. D. none of these.
Lauren noticed that in the last 60 games, her hometown minor league baseball team won 40 times. Lauren estimate the probability of losing the game to be
A) 1/6. B) 1/4. C) 1/3. D) 1/2.