Which of the following is a characteristic of "public goods"?
A) They must be provided by the government.
B) It is difficult to restrict their availability to paying customers.
C) It is easy to establish a one-to-one link between consumption of and payment for these goods.
D) Scarce resources are not required for their production.
B) It is difficult to restrict their availability to paying customers.
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The fact that price subsidies reduce economic surplus implies that:
A. price subsidies help the rich but not the poor. B. we can find an alternative policy that will make both the rich and the poor better off. C. price subsidies are not effective at lowering prices. D. the quantity bought and sold in the market will fall.
If the price of steel, an input into the production of automobiles, rises, and at the same time the price of gasoline rises, what will happen to the equilibrium price and quantity of automobiles?
Property taxes are
A. used primarily by states to finance state welfare programs. B. the primary source of Federal revenue sharing funds. C. the largest source of tax revenue for local governments. D. collected primarily at the Federal level.
A monopsonistic employer:
A. has a perfectly elastic labor supply curve. B. is necessarily a monopolist in the product market. C. confronts a marginal resource (labor) cost that is greater than the wage rate. D. confronts a marginal resource (labor) cost that is less than the wage rate.