The free rider problem
a. Exists in the case of public goods
b. Exists in the case of common property resources
c. Is worse the larger the number of people involved for either public goods or common property resources
d. All of the above are true
d
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Optimal commodity taxation would
A. put a tax on leisure time, which is currently untaxed. B. have the smallest amount of excess burden possible for a given amount of tax revenue. C. optimize tax rates on the wealthiest Americans. D. eliminate tax evasion in the United States.
Each of the following, except one, is an example of a nonmonetary job characteristic. Which is the exception?
a. the monthly wage b. safety c. potential for advancement d. required physical exertion e. leisure activities available in the surrounding community
Why would a firm keep producing even though it is losing money?
a. If the price is greater than the minimum average total cost, the firm will cover all its variable costs and lower its losses by paying off some of its fixed costs. b. If the price is less than the minimum average variable cost, the firm will cover all its variable costs and pay off some of its fixed costs. c. If the price is greater than the minimum average variable cost, the firm will cover all its variable costs and pay off some of its fixed costs. d. If the price is less than the minimum average variable cost, the firm will cover all its variable costs and pay off some of its fixed costs.
An increase in the supply of loanable funds will ___________ interest rates.
A. raise B. lower C. not effect