Which of the following is most likely a private good?
A. National defense.
B. Sidewalks.
C. The administration of justice.
D. Bicycles.
Answer: D
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Explain the difference between fixed costs in the short run and fixed costs in the long run
What will be an ideal response?
Factors that impede the attainment of economic efficiency in the public sector are called:
A. market failures. B. externalities. C. government failures. D. voting irregularities.
Economic growth can best be portrayed as a:
A. leftward shift of the production possibilities curve. B. movement from a point near the vertical axis to a point near the horizontal axis on the production possibilities curve. C. movement from a point inside to a point outside of the production possibilities curve. D. rightward shift of the production possibilities curve.
In which year was the cyclical deficit the largest?
Refer to the data in the table above.
A. 2000
B. 1999
C. 2003
D. 2004