Public goods are those that are consumed:
a. only by those who have paid for them
b. only by the government that provides them.
c. by the private group that funds them.
d. by the paying and nonpaying public alike.
d
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According to the classical economists,
A. the interest rate will ensure that the amount households plan to save will equal the amount businesses desire to invest. B. the amount households plan to save is determined primarily by their wage. C. increasing government spending is the most reliable method of restoring full employment. D. unemployment is caused by too little spending.
While the classical economists believed that both velocity and output are stable, Keynesians believe
a. velocity is stable and output is variable b. velocity and output are both variable c. output is stable and velocity is variable d. on this one point only, that the classical economists are right: that both output and velocity are stable e. at low levels of income both velocity and output are stable, but at high levels of income velocity becomes variable
Explain the reasoning behind the shutdown rules. When is it appropriate to operate with a loss?
If the percentage change in price is 5%, and the percentage change in quantity supplied is 10%, then the supply for the good is
A. inelastic. B. unit elastic. C. perfectly inelastic. D. elastic.