At the ________ level of provision for a ________ good, the government must know everyone's preferences.
A. unregulated; private
B. optimal; private
C. unregulated; public
D. optimal; public
Answer: D
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The high tech boom of the late 1990s and early 2000s came to an end in part because
A) investment to address the Y2K problem was temporary. B) new computer applications were consumer oriented rather than directed at increasing productivity. C) the fiber optic cable boom has resulted in most optic cable capacity being unused. D) All of the above.
If the price elasticity of demand for a good is less than one in absolute terms, we say consumers of this good
A) are not very sensitive to price. B) are not very sensitive to the quantity they demand. C) are very sensitive to price. D) are elastic.
When competition is present and private ownership rights are clearly defined and securely enforced,
What will be an ideal response?
Public Broadcasting, in its fund drives, often appeals to viewers by saying, "without you, there will be no Big Bird." This is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller B. increase; larger C. reduce; smaller D. reduce; larger