Which of the following statements about public goods is not true?
A. They bestow collective benefits on members of society.
B. They will be under supplied by the private sector.
C. They are only produced by government agencies.
D. They are non-excludable since those who do not pay for them cannot be excluded from enjoying them.
Answer: C
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Robert Lucas, a Nobel laureate in economics, argues that there are increasing returns to
A) knowledge capital. B) human capital. C) physical capital. D) financial capital.
Two goods are ________ if the quantity consumed of one increases when the price of the other decreases
A) normal B) superior C) complementary D) substitute
Use the above table. The MFC of the 4th worker is
A) $5. B) $6.25. C) $25. D) $40.
The main reason Sears Roebuck became the largest retailer in the United States during the late nineteenth century was that:
a. it reduced a host of transaction costs which allowed higher profits to shareholders and lower prices to customers. b. the railroad network improved substantially and charged higher rates for transporting goods. c. the lack of competition lowered the cost of advertising and increased profits for shareholders. d. his organization only interacted with the best wholesalers, distributors, and shippers in the business.