What is the crime externality associated with education?
A. A well-educated person earns higher income and commit less crime.
B. A well-educated person runs for office and steals from society.
C. A well-educated person implements policies that benefit other educated individuals.
D. Schools and universities are a rip-off. Every worker in this university is a criminal.
Answer: A
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Rational ignorance about the efficient quantity of a public good can result in
A) the principle of minimum differentiation. B) excludable goods. C) bureaucratic overprovision of a good. D) the vertical summation of individual's marginal benefit curves.
Which of the following best explains the closing gap between rural and urban mortality rates?
(a) Relatively higher incomes in urban areas (b) Relatively lower prices in urban areas (c) Medical advancements, health education, and public health and sanitation involvement (d) All of the above.
The short-run consumption curve may shift upward over the long run largely because
a. people become wealthier b. the marginal propensity to save increases c. the 45-degree line becomes a 90-degree line d. the demand curve for investment is upward sloping e. economic growth, although still positive, slows down
In 2007, the price of oil increased, which in turn caused the price of natural gas to rise. This can best be explained by saying that oil and natural gas are:
A. complementary goods and the higher price for oil increased the demand for natural gas. B. substitute goods and the higher price for oil increased the demand for natural gas. C. complementary goods and the higher price for oil decreased the supply of natural gas. D. substitute goods and the higher price for oil decreased the supply of natural gas.