Because we collectively consume ________ goods, firms in the private sector may not provide them because they ________ exclude those who do not pay.
A. public; can
B. public; cannot
C. private; can
D. private; cannot
Answer: B
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Putting quarters into a Las Vegas slot machine and receiving quarters out of that machine is analogous to
a. the gross domestic product b. aggregate demand c. aggregate supply d. consumption e. the circular flow of money through firms and households
A tax that is designed to be progressive will improve
A. Efficiency. B. Vertical equity. C. Equality. D. Horizontal equity.
Which of the following is a category (degree) of inflation?
(a) Deflation. (b) Externally induced inflation. (c) Demand-Pull inflation. (d) Stagflation.
The local substitution argument against using public money to attract baseball spring training sites is
A. even more valid than the argument against regular stadiums. B. less valid than the argument against regular stadiums because most of the fans at a spring training game are tourists who would not be in that city otherwise. C. completely invalid because no one at a spring training game is from the local community. D. just as valid as the argument against regular stadiums.