Government provision of goods and services that cannot easily be provided through markets because it is difficult to establish a one-to-one link between payment and consumption of the good is referred to as the
a. productive function of government.
b. protective function of government.
c. construction function of government.
d. income redistribution function of government.
A
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A view of a spectacular sunset on a beach is ________
A) a rival and excludable good B) an excludable good C) a non-rival good D) a rival but non-excludable good
What will be the effects of a severe Florida freeze on the price of orange-juice-concentrate futures and what will occur as a result?
A) The futures price will fall and less orange juice will be consumed currently. B) The futures price will fall and more orange juice will be consumed currently. C) The futures price will rise and less orange juice will be consumed currently. D) The futures price will rise and more orange juice will be consumed currently.
Refer to Table 2-13. What is Horace's opportunity cost of bathing a cat?
A) one and a half groomed dogs B) two groomed dogs C) two-thirds of a groomed dog D) half a groomed dog
If climate change starts creating earthquakes, storms, droughts and all manner of obstacles to production operations, the effects can be shown on effected production function graphs by
A. eliminating long run production functions because they are irrelevant. B. changing the curves of the isoquants to straight lines. C. lowering the short run production function and reducing the numbers on each isoquant. D. eliminating the increasing returns portion of the short run production function.