Which of the following is the best example of a public good?
A) a regional flood control project
B) a state university
C) a civic center owned and operated by the government
D) an amusement park like Disney World
A) a regional flood control project
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In New State, the bottling law requires that people get a refund of five cents when they return an empty bottle or can. Why does the state pay people to return bottles? In your answer, be sure to mention the role played by incentives
What will be an ideal response?
Which of the following is most important in explaining exchange rate fluctuations in the short run?
A) relative price levels across countries B) relative rates of productivity growth across countries C) preferences for domestic and foreign goods D) interest rates
Diminishing marginal returns to labor means
A) that each additional worker costs more. B) that each additional worker produces less than the previous worker. C) that each additional worker costs less. D) that total product grows at a constant rate when workers are added to production.
Which of the following statements would appeal to someone who favors an expanded public sector as the basis of expansionary fiscal policy?
a. "The government isn't the solution; it's the problem." b. "The government that governs least governs best." c. "The American people want national defense; they want laws to be enforced; they want federal support for education and environmental protection, and they want transfer payments for the elderly and unemployed." d. "If you ever got anything good out of the government you can be sure that some rich so-and-so got more."