Public goods can be
A. provided privately.
B. provided publicly.
C. subject to free rider problems.
D. all of these answer options are correct.
D. all of these answer options are correct.
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Refer to Figure 18.1. The opportunity cost of hang gliders in Canada is
A) 1/4 of a bicycle. B) 1/2 of a bicycle. C) 2 bicycles. D) 4 bicycles.
A market failure is most likely to occur when:
A. a sole producer of a good faces no threat of competition. B. several producers of a good compete for customers by having price wars. C. several producers of a good search for the lowest-cost method of production. D. many producers produce identical products, and only the consumers and producers are affected by the transactions.
Our trade deficit is big for three main reasons: (1) ______, (2) ______, and (3) ________.
Fill in the blank(s) with the appropriate word(s).
The consumer price index reflects
A. the changes in the prices of goods and services typically purchased by consumers. B. the average level of prices for intermediate goods and services purchased by business. C. the median price of a typical single family home. D. prices of all goods and services computed from the ratio of nominal GDP to real GDP.