Which of the following is an example of a nonexcludable product?
A) Internet service for your home computer B) public transportation
C) college education D) a public library
D
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The world is more likely to run out of gold than it is to run out of bald eagles
Indicate whether the statement is true or false
A key assumption of the public choice model is that government policymakers will pursue their own self-interests
Economists assume that consumers and firms pursue their own self-interests when they interact in competitive markets and this interaction results in efficient economic outcomes. Does the pursuit of self-interest by policymakers result in efficient economic outcomes?
You have data for compensation of employees, proprietors' income, rental income, and net interest. Can you compute national income?
A) Yes, all of the components of national income are given. B) No, since data on indirect business taxes are missing. C) No, since data on corporate profits is missing. D) No, since data on the capital consumption allowance is missing. E) No, since net interest has not been adjusted for profits.
Figure 4-21
Refer to . The per-unit burden of the tax is
a.
$4 on buyers and $4 on sellers.
b.
$5 on buyers and $5 on sellers.
c.
$4 on buyers and $6 on sellers.
d.
$6 on buyers and $4 on sellers.