A situation in which government intervention in the economy worsens the economic outcome is termed
a. neoclassical failure.
b. socialism.
c. government failure.
d. dependency revolution.
C
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The table above shows the marginal benefit from providing police protection in a community of two people, Jake and Elwood. Police protection is a public good
a) What is the marginal social benefit to community from the 4th police car on duty? b) If the marginal social cost of a police car on duty is $37, what is the efficient number of cars on duty? c) If the marginal social cost of a police car on duty is $70, what is the efficient number of cars on duty?
The ratio of consumption to income is known as ________
A) the average propensity to consume B) the borrowing constraint C) the marginal propensity to consume D) subprime accommodation
The price of stadium seats at a baseball game increases from $20 to $30 and ticket sales fall from 45,000 per game to 35,000 per game. If other things remained constant, then it appears that the price elasticity of demand is: a. elastic
b. inelastic. c. unit elastic. d. unit inelastic. e. equal to zero.
Saving endangered species
A) benefits all people in society without any trade-off. B) must involve the loss of another species. C) may involve a trade-off in terms of the loss of other economic activities. D) requires the government to list those species as common property.