Government provides a nonexcludable public good that the public demands and can't seem to acquire through the market. This is government
A) acting as a transfer mechanism.
B) being non-productive.
C) engaging in rent-seeking activities.
D) being productive.
E) a and c
D
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Refer to the scenario above. If both economies have identical depreciation rate, then:
A) economy A's steady state equilibrium will lie to the left and above economy B's steady state equilibrium. B) economy A's steady state equilibrium will lie to the right and below economy B's steady state equilibrium. C) economy A's steady state equilibrium will lie to the left and below economy B's steady state equilibrium. D) economy A's steady state equilibrium will lie to the right and above economy B's steady state equilibrium.
Refer to the above figure. For which Lorenz curve does the richest 25 percent make 50 percent of the nation's money income?
A) A B) B C) C D) D
If a firm in a competitive industry is making no profit but still producing, it must be the case that
a. MC = MR > ATC b. MC = MR < ATC c. MC = ATC > MR d. MC = MR = ATC e. this situation is not possible
In pure competition, the industry demand curve is infinitely price elastic.
Answer the following statement true (T) or false (F)