Which of the following is a property of a public good?

A. It is established by legislation.
B. Free riders are excluded.
C. Users collectively consume benefits.
D. It is determined by positive economics.


Answer: C

Economics

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An individual who is a risk lover

a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries

Economics

Profits and losses play an important role in helping

a. to signal to government which businesses are suffering losses so that they can be subsidized. b. consumers decide which products they value the most by looking at each firm's profit. c. to allocate scarce resources in a manner that maximizes the value created to society. d. ensure that the total profits in the economy exactly equal the total losses.

Economics

If we compare income percentages of total income of the highest quintile in 1968 with 2008, we would find that it was

A. rising. B. staying about the same. C. falling.

Economics

Compared to the private sector, the distinguishing characteristic of government is its

What will be an ideal response?

Economics