Public goods are:
a. any goods or services several members of the public would like produced
b. those goods for which natural monopolies exist
c. goods which cannot be successfully produced by private firms.
d. goods which cannot be easily financed through the market system.
d
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According to cost-benefit analysis, where safety is concerned
A) it is possible to not be safe enough. B) it is possible to be too safe. C) it is possible to be just safe enough. D) All of the above are possible.
What is the dominant strategy for bidders in an English oral auction?
A) Keep bidding until all other bidders quit, regardless of your reservation price. B) Bid until the previous bid price equals the reservation price of the last bidder. C) Bid until the first-price and second-price bids are equal. D) Stop bidding once the price exceeds your reservation price.
Tax evasion is legal, but tax avoidance is illegal
a. True b. False Indicate whether the statement is true or false
The marginal revenue product of labor is equal to
A. The change in total output divided by the change in the quantity of labor. B. The marginal physical product multiplied by the price. C. The change in the quantity of labor divided by the change in total revenue. D. The percentage change in total revenue divided by the percentage change in the quantity of labor.