Which of the following is an example of a public good?
A. health care
B. college education
C. flood control
D. post office
Answer: C
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Q: How many economists does it take to screw in a light bulb?
A: None. If the light bulb really needed changing, market forces would have already caused it to happen. This joke represents the view of A) Keynesian economists. B) classical economists. C) economists who conclude that wages and prices are inflexible. D) economists who conclude that money illusion is widespread.
Choices need to be made because of all of the following, except limited _____
a. resources b. income c. wants d. time e. availability of goods
A profit-maximizing monopolist
A. is just as socially efficient as a perfectly competitive firm in allocating resources to production since he or she, too, seeks the largest return on his or her investment. B. produces an output level at which marginal utility exceeds marginal cost. C. produces more output than a perfectly competitive industry. D. always produces in the inelastic region of his or her demand curve.
Pollution rights may be traded if
A. polluters try to hide pollution. B. administrators are uncertain about Pigouvian taxes. C. there is no market for pollution. D. pollution is harmless.