The problem of "free riders" arises in a society when goods
A) can't be provided exclusively to the people who pay for them.
B) cease to be scarce.
C) produced by government are provided to everyone.
D) supplied by the private sector are paid for from tax revenue.
E) wanted by everyone are priced too low.
A
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Pick the true statement
A) It is possible for economic profit to be greater than accounting profit. B) Accounting profit includes both the implicit and explicit costs of production. C) Accounting profit is always greater than economic profit. D) None of the above is a true statement.
Which of the following is a current example of a government-granted cartel?
A) the "Big Three" accounting firms B) the U.S. automobile industry C) U.S. professional baseball D) the U.S. airline industry
Three firms agree to operate as a monopoly and charge the monopoly price of $40 for their product and (jointly) produce the monopoly quantity of 50,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ________.
A) $1,000,000 B) $250,000 C) $3,000,000 D) $750,0
The major consideration of whether something can serve as money is that it must be
A. printed by each nation's government or banking authority. B. freely available to all who want it. C. exchangeable for other types of money. D. acceptable as a means of payment.