A private good
A. Is provided most efficiently by the government.
B. Is consumed by one person and excludes consumption by others.
C. Experiences free riders.
D. Results in market failure when provided in markets characterized by laissez faire.
Answer: B
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The demand for oil is inelastic. So, does an increase in the price of oil mean an increase in total revenue or a decrease in total revenue for oil producers?
What will be an ideal response?
Two of the three pillars of labor productivity growth responsible for the changes in the United States after 1995 are technological change and
a. labor force improvement. b. labor force growth. c. capital formation. d. consumption growth.
In 2016, GDP was exactly equal to final sales. This implies that
A. there was a decline in inventories that year. B. GDP did not grow that year compared to the year before. C. there was accumulation of inventories that year. D. there was no change in inventories that year.
Changes in which of the following shifts the supply curve of hamburgers?
A) a rise in the price of soda, a complement for hamburgers B) new research that establishes a link between hamburgers and heart problems C) an increase in the price of meat used to produce hamburgers D) an economy-wide decrease in income because of a long recession