Which of the following is the best example of a public good?
A) inoculation against a contagious disease
B) a streetlight
C) garbage collection
D) Internet access
Answer: B
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Researchers find that the income elasticity of poultry demand in Indonesia is 1.2. This implies that if income is expected to grow at 5%, then projected demand for poultry will:
a. Increase by 5% b. Increase by 6% c. Increase by 6.2% d. Increase by 4.2%
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $40 each and from Canada at $45 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. Now suppose that the United States forms a free-trade area (NAFTA) with Canada and Mexico. From which country will the United States import fans?
a. China b. Canada c. It will import fans from neither China nor Canada. d. It will import fans from both China and Canada.
The percent of disposable income that consumers have to pay for their debt is called:
A. the cost of debt. B. debt service. C. debt accountability. D. a debtor's mark.
The opportunity cost of holding money is
A. the interest income foregone. B. contractionary monetary policy. C. the transactions demand for money. D. the monetary rule.