Publicly provided education is generally considered
A. a public good that generates positive externalities.
B. not to be a public good that generates negative externalities.
C. not to be a public good that generates positive externalities.
D. a public good that generates negative externalities.
C. not to be a public good that generates positive externalities.
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Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward. B) the supply of snowboards is price elastic. C) some firms entered into the snowboard industry. D) All of the above answers are correct.
The prisoner's dilemma is an example of:
a. A sequential game b. A non-cooperative game. c. A shirking game d. A dating game
The "free-rider problem" of public goods refers to a. individuals' refusal to pay taxes
b. individuals' attempts to hide their preferences for collective goods and to avoid paying for them. c. individuals' overuse of collective goods. d. the inelasticity of individuals' demands for public goods.
A mother gives her teenage daughter two choices: spend 20 minutes cleaning her room today or spend 25 minutes cleaning her room tomorrow. The same mother gives her same daughter two additional choices: clean out the garage for 20 minutes next Tuesday or 25 minutes next Wednesday. According to economic theory,
a. if the daughter chooses to procrastinate, she is behaving irrationally. b. the daughter will likely choose to clean out her room tomorrow but clean out the garage next Tuesday. c. the daughter will likely choose to clean out her room tomorrow and clean out the garage next Wednesday. d. if the daughter chooses to procrastinate, she is exhibiting satisficing behavior.