If the government provides free schooling for all students, an economist would say education is
a. a free good, having no cost.
b. scarce even though its cost is paid by taxpayers rather than by students.
c. an example of a good that is no longer scarce.
d. all of the above.
B
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Idiosyncratic risk:
A. can not be eliminated through diversification. B. is unique to a particular company or asset. C. is not generally absent from index funds. D. All of these are true.
An increase in tax rates on a product will raise more revenue, the more inelastic is the demand curve
a. True b. False Indicate whether the statement is true or false
Wealth is redistributed from debtors to creditors when inflation is
a. high, whether it is expected or not. b. low, whether it is expected or not. c. unexpectedly high. d. unexpectedly low.
If the price elasticity of supply is 0.3, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.