Education confers positive externalities because
a. some education is done outside the market (i.e., in public schools)
b. curricula are regulated by the government, even in private schools
c. an educated person consuming education gains many benefits he or she did not expect when the process started
d. an educated person who has consumed education usually behaves in a way that benefits others
e. education gives benefits to individuals in excess of the costs they pay to get it
D
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During an economic downturn, Keynes argued that firms would have ________ to increase spending because ________.
A. no incentive; interest rates would be too high. B. no incentive; they already had enough capacity to meet demand. C. a strong incentive; interest rates would be too high. D. a strong incentive; they wouldn't have enough capacity to meet demand.
Goods and services that are used up in the production of other goods and services are called ________ goods and services.
A. final B. nominal C. value added D. intermediate
Refer to Table 21.1. If Martha's income doubled to $220,000 while the incomes of the other four residents did not change, what would happen to the original mean income on Richlandia?
A) It would increase by $22,000. B) It would increase by $44,000. C) It would double. D) It would not change.
Which of the following countries does not employ a value-added tax at the national level?
a. France b. German c. United States d. Canada