One way the government decides how to pay for public goods is:
A. how easy it is to exclude people who don't pay.
B. comparing individual's marginal benefits of the good.
C. polling the public about the most appropriate funding measures.
D. determining who uses the good the most and increasing their property taxes.
Answer: A
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The opportunity cost of moving from point a to point b in the above figure is ________
A) zero B) 3/2 pairs of socks per sweater C) 3 pairs of socks D) 2 sweaters
After Joyce and Larry purchased their first house, they made additional home improvements in response to increases in income. After a while, their income rose so much that they could afford a larger home
Once they realized they would be moving, they reduced the amount of home improvements. Their Engel curve for home improvements on their current home is A) negatively sloped. B) flat. C) positively sloped. D) backward bending.
Using the market marginal revenue, firms in a cartel or engaged in tacit collusion should set ________ equal to ________ to maximize profit.
A) marginal revenue; marginal cost B) marginal cost; average total cost C) marginal revenue; average total cost D) price; marginal revenue
A coffee manufacturer uses both capital and labor resources for production. All other things constant, an increase in the price of capital will: a. shift the supply of labor curve leftward
b. shift the demand for capital curve rightward. c. shift the demand for labor curve leftward. d. shift the demand for labor curve rightward.