Markets are generally more effective at providing? ________ and governments are most effective at providing? ________.
A) pure public goods; common pool resources
B) pure private goods; pure public goods
C) common pool resources; club goods
D) club goods; pure private goods
Ans: B) pure private goods; pure public goods
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If the value of marginal product of a worker is $40 and the marginal product of the worker is 8 units, the market price of the good he produces is:
A) $2. B) $5. C) $8. D) $10.
Which of the following countries has the largest union membership measured as the percentage of civilian employees in unions?
a. The United States. b. Japan. c. The United Kingdom. d. Sweden.
Positive economics does not require us to believe that actual happiness is the same as utility as modeled in economic theory.
Answer the following statement true (T) or false (F)
The percentage of the noninstitutionalized working-age individuals who are employed or seeking work is known as
A) the labor force. B) the labor force participation rate. C) discouraged worker. D) the stock of employed and unemployed workers.