Which of the following is a true statement regarding why the government produces public goods?
a. Public goods are valued highly by some but not by the majority.
b. Because of the electoral system, the public sector tends towards producing those goods that help politicians get elected.
c. Some goods should be produced whether they are economically efficient or not.
d. Because it is difficult to exclude those who do not pay for public goods.
D
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An increase in the price of laptop memory chips causes the price for laptops _____________ and the quantity supplied for laptops ____________
a. Increase; increase b. Increase; decrease c. Decrease; increase d. Decrease, decrease
An investment pays $1,500 half of the time and $500 half of the time. Its expected value and variance respectively are:
A. $2,000; (250,000 dollars)2 B. $1,000; 250,000 dollars C. $1,000; 250,000 dollars2 D. $1,000; 500,000 dollars
Which of the following does not influence the price elasticity of demand?
A. The length of time. B. The availability of substitutes. C. Costs of production. D. The price of the item relative to the consumer's budget.
What does Temporary Aid to Needy Families (TANF) require of recipients?
What will be an ideal response?