A government-sponsored good is one that
A) is desirable to no one but ruled desirable by the court system nonetheless.
B) everyone agrees is socially desirable.
C) freely competitive markets have determined is socially desirable.
D) the political process has determined is socially desirable.
Answer: D
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If there is an increase in technology, the long-run aggregate supply curve shifts rightward, but the short-run aggregate supply curve does not shift
Indicate whether the statement is true or false
If the price is below $130, what will the firm do (a) in the short run? (b) in the long run?
A friend of yours receives a government voucher for an apartment in a public housing project. This apartment represents
A. the drop-in-the-bucket problem. B. a public good. C. a government-sponsored good. D. the free-rider problem.
The marginal rate of substitution ____ as one moves downward along the indifference curve.
A. increase B. remains constant C. decreases D. increases and then decreases