An external benefit is a benefit from a good or service that someone other than the ________ receives
A) seller of the good or service
B) government
C) foreign sector
D) consumer
E) market maker
D
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What is the opportunity cost of government work?
What will be an ideal response?
When the price of a good spikes dramatically, the information conveyed in the market demonstrates that
A) greed has increased among the suppliers. B) greed has increased among the demanders. C) the good has become more scarce than before. D) the good has become less scarce than before.
Which is true of total federal spending relative to GDP?
a. It is the most commonly used measure of the size of government. b. There really is no upper limit to the ratio of total government spending to GDP. c. It has steadily increased over the last 50 years. d. All of the above are correct. e. Only a and c are correct.
In this case the firm should
a. Produce both the versions and price discriminate since doing so gives a higher revenue b. Produce only the no-brand version c. Produce only the hi-end professional series d. Exit the marketplace