A characteristic of a public good is that a public good is provided
A. to some businesses, but not to others.
B. only in some states.
C. to many individuals at no additional cost.
D. to low income residents in some states.
Answer: C
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Economic growth in the DVCs might increase if IACs:
A. reduce their tariffs and import quotas. B. encourage more immigration of high-skilled DVC workers. C. outlaw direct private investment abroad by IAC corporations. D. discourage capital flight to the DVCs.
The total consumer surplus for good X can be calculated in all except one of the following ways. Which is the exception?
A) the sum, for all buyers of X, of the difference between what each buyer is willing to pay for X and the amount actually paid B) the area bounded by the demand curve for X and the two axes C) the sum of the individual consumer surpluses for all buyers of X D) the area below the demand curve for X and above the price of X
Refer to the diagram where the numerical data show profits in millions of dollars. Beta's profits are shown in the northeast corner and Alpha's profits in the southwest corner of each cell. If Beta commits to a high-price policy, Alpha will gain the largest profit by:
A. also adopting a high-price policy.
B. adopting a low-price policy.
C. adopting a low-price policy, but only if Beta agrees to do the same.
D. engaging in nonprice competition only.
The price elasticity of demand for insulin by diabetic patients is much smaller than the price elasticity of demand for leather shoes. This is an example of how the price elasticity of demand:
A. rises the less specifically the good is defined. B. falls the more a good is a necessity. C. rises the more a good is a necessity. D. falls the less specifically the good is defined.