Some goods, such as lighthouses, can switch between being public goods and being private goods depending on the circumstances
a. True
b. False
Indicate whether the statement is true or false
True
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In the health insurance market, moral hazard occurs when
A) chronically ill people buy insurance. B) insured people go to the doctor unnecessarily. C) patients sue their doctor. D) chronically ill people refuse appropriate medical treatment.
Which of the following is one of the reasons for declining union membership in the United States?
A) Much of the unskilled, nonunionized work in the United States is done by immigrant workers who are undocumented. B) The AFL-CIO merger and creation of the Change to Win Federation reduced competition among unions. C) the repeal of the Taft-Hartley Act D) Labor force participation by women has decreased.
Which of the following will occur if a natural monopoly is broken into two smaller firms?
A. The price will drop. B. Industry output will increase. C. Production costs will increase. D. Industry output will decrease.
Off-budget expenditures:
What will be an ideal response?