A characteristic of a public good is
A. clear property rights.
B. rival consumption.
C. the exclusion principle.
D. the free-rider problem.
Answer: D
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What is the opportunity cost of economic growth?
A. Investment in the current time period B. Improved technology in the current time period C. Capital goods in the current time period D. Consumption in the current time period
In economics, the term "land" means
A) only land that is used in agricultural production. B) land, mineral resources, and nature's other bounties. C) land that is devoted to economic pursuits. D) land used for agricultural and urban purposes.
When a negative externality exists,
A. external costs are necessarily greater than private costs. B. social costs equal private costs. C. social costs are less than private costs. D. social costs are greater than private costs. E. none of the above
President Reagan was attracted to the theories expounded by the
a. classical school b. Keynesian school c. neo-Keynesian school d. rational expectations school e. supply-side school