A fundamental reason that governments provide public goods is that
A) those goods are subject to the free-rider problem.
B) negative externalities are part of the production process of those goods.
C) public goods are merit goods.
D) those goods are perfectly divisible.
A
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Gross Domestic Product is a dollar measure of
a. total gross investment in an economy. b. total industrial sales in a particular time period. c. the total physical product of the economy. d. the value of all final goods and services produced in one time period.
If an economist believes that choice architecture is important, he or she is more likely to be a:
A. Keynesian economist. B. traditional economist. C. formal economist. D. behavioral economist.
Which industry or sector of the economy would least likely be affected by the business cycle?
A. Automobiles B. Capital goods C. Services D. Consumer durables
Given the data in the above table, what is the marginal revenue when the 13th unit is sold?
A. $5.00 B. $1.00 C. $3.00 D. $7.00