Once a government has provided a public good, everyone:
A. pays the cost.
B. experiences negative externalities.
C. experiences positive externalities.
D. can obtain the benefit.
Answer: D
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Use the following general linear demand function below: Qd = a + bP + cM + dPRwhereQd = quantity demanded, P = the price of the good, M = income, PR = the price of a good related in consumption.For the general linear demand function given above
A. d is the effect on the quantity demanded of the good of a one-dollar change in the price of the related good, all other things constant. B. b is the effect on the quantity demanded of the good of a one-dollar change in the price of the good, all other things constant. C. ?Qd / ?M = c. D. all of the above
The National Bureau of Economic Research decides the official start and end dates for a recession.
Answer the following statement true (T) or false (F)
When most consumers and firms reduce spending only because they expect other consumers and firms to reduce spending, and a recession results:
A. a self-correction has occurred. B. an adverse aggregate supply shock has occurred. C. a coordination failure has occurred. D. a real-business downturn has occurred.
Privatization results in
a. a return to economic liberalism. b. a reduction in government economic functions. c. guaranteed improvement in consumer service. d. diminishing returns.