The Tiebout model offers a quasi-market solution to public good production and community development. What are some drawbacks to this model?
What will be an ideal response?
Some of the assumptions of the model are rather strong. Assuming that each individual has
perfect information about all communities, taxes, and services is rather strong. In addition,
assuming that there are enough communities for each individual's preferences for a package
of public goods is tough.
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A company could produce 100 units of a good for $320 or produce 101 units of the same good for $324. The $4 difference in costs is
A) the marginal benefit of producing the 101st unit. B) the marginal cost of producing the 101st unit. C) both the marginal benefit and the marginal cost of producing the 101st unit. D) neither the marginal benefit nor the marginal cost of producing the 101st unit.
Almost nine-tenths of all spells of unemployment end when the unemployed person finds a job
a. True b. False Indicate whether the statement is true or false
Explain the difference between a "change in quantity supplied" and a "change in supply."
What will be an ideal response?
Which of the following is an example of a "how much" decision?
A) Dinah's Diner is only open for breakfast and lunch. Dinah is trying to decide whether to open for dinner as well. B) Zander has torn up his front yard and is debating whether to plant grass or install a rock garden. C) You received a nice birthday check from your grandmother and are deciding on whether to spend it on a trip to New York or a trip to San Francisco. D) Sergio quit his job to go back to school full time.