Public goods differ from private goods in that:
a. they produce negative externalities.
b. they are not scarce.
c. their benefits cannot be denied to anyone.
d. their consumption must be regulated by the government.
e. their benefits are very narrow.
c
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Keeping in mind economists' definition of factors of production, which of the following is NOT a factor of production?
A) money B) low-skilled labor C) coal D) an engineer
Define productive efficiency. Does productive efficiency imply allocative efficiency? Explain
What will be an ideal response?
The Current Population Survey is conducted
What will be an ideal response?
The economic analysis of minimum wage involves both normative and positive analysis. Consider the following consequences of a minimum wage:
a. The minimum wage law causes unemployment. b. A minimum wage law benefits some groups and hurts others. c. In some cities such as San Francisco and New York, it would be impossible for low-skilled workers to live comfortably in the city without minimum wage laws. d. The gains to winners of a minimum wage law should be valued more highly than the losses to losers because the latter primarily comprises businesses. Which of the consequences above are positive statements and which are normative statements? A) a, b, and c are positive statements and d is a normative statement. B) a and b are positive statements, c and d are normative statement. C) Only a is a positive statement, b, c, and d are normative statements. D) a and c are positive statements, b and d are normative statements.