Education is a ________ good that creates a ________ externality.
A. public; negative
B. public; positive
C. private; positive
D. private; negative
Answer: C
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A museum is NOT a public good if
A) there can be no congestion. B) the museum receives donations from members of the public. C) an entry fee is charged and people are denied entry if they do not pay. D) the general public typically does not go to the museum.
In the figure above, if income were distributed equally across all households, the poorest 10 percent of households would receive ________ of total income
A) 5 percent B) 10 percent C) 15 percent D) 20 percent
Much of macroeconomics is concerned with advising governments on ways to ________ business cycles, since it is desirable to ________
A) amplify, create the greatest cyclical peaks possible B) amplify, create deep recessions to cool down the economy C) dampen, avoid both very low troughs and very high peaks D) dampen, keep the economy at its maximum productive capacity
Assume that one laborer produces 6 units of output, two laborers produce 14 units, three laborers 22 units, four laborers 24 units, and five laborers 25 units. Diminishing returns set in when the firm hires:
a. the first laborer. b. the second laborer. c. the third laborer. d. the fourth laborer. e. the fifth laborer.