What is common property? What does common property have to do with externalities?
What will be an ideal response?
Common property is property that is owned by everyone, so no one can be excluded from using it. There is a tendency to overuse common property, which means that people can use it and pass some of their costs on to others. That is, externalities are likely to be associated with common property.
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What is the marginal product of labor?
What will be an ideal response?
Which is the largest cash transfer program for the poor?
A. TANF B. Medicare C. SSI D. Medicaid
Resources tend to be allocated inefficiently when goods
a. are private goods. b. are rival in consumption and excludable. c. are available free of charge. d. are available only at very high prices.
Gross domestic product measures
A. the total income of everyone in the economy. B. the value of all output in the economy. C. the total spending of everyone in the economy. D. all of the above