Broomfield city council is deciding how many police officers the city needs. Broomfield's population is 10,000 people. The marginal cost of a police officer is $60,000 per year
The marginal benefit schedule of an average city resident from police protection is shown in the table above. Police protection is a public good. The marginal benefit for all of Broomfield from hiring the 4th police officer is A) $56,000.
B) $5.60.
C) $8,000.
D) $6.00.
A
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A Nash equilibrium is
A) reached when an oligopoly's market demand and supply intersect. B) reached when each player chooses the best strategy for himself and for the group. C) an equilibrium comprising non-dominant strategies only. D) reached when each player chooses the best strategy for himself, given the other strategies chosen by the other players in the group.
Eurobank activities cannot have any influence on domestic monetary practice since Eurodollars do not provide a means of payment
Indicate whether the statement is true or false
An interest rate is an example of a rate of __________.
a. inflation b. frequency c. return d. employment
Answer the following statements true (T) or false (F)
1. When U.S. households buy new imported European and Japanese cars, the total value of the cars is counted as part of C in the GDP accounts. 2. Net exports are positive when exports are greater than imports. 3. In the expenditures approach, transfer payments such as unemployment compensation are included in the G component of GDP. 4. National income (NI) is estimated as the sum of four categories of income (wages, rent, interest, profits) plus taxes on production and imports. 5.Personal income (PI) is the income that households are free to spend or save as they please.