Which of the following statements is not correct?
a. Medical research can be an example of a public good.
b. The private market will tend to undersupply public goods.
c. The free-rider problem occurs when a good is nonexcludable.
d. All goods provided by the government are public goods.
d
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The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
For Bagels 'R' Us, ________ is a ________.
A. abiding by the agreement; dominant strategy B. cheating on the agreement; dominant strategy C. cheating on the agreement; dominated strategy D. abiding by the agreement; dominant strategy when Bagel World also abides
In the computation of GDP, Social Security payments count as
A) transfer payments and are included in GDP. B) transfer payments and are not included in GDP. C) government expenditure on goods and services and are included in GDP. D) government expenditure on goods and services and are not included in GDP.
Which of the following is not true of employers who discriminate in a competitive market?
A. The employer will likely have to pay higher wages. B. The employer will likely be at a competitive disadvantage. C. The employer will likely have higher productivity. D. The employer will likely have higher costs than non-discriminating firms.
The most important source of state tax revenue is the _____ tax.
A. property B. income C. excise D. sales