It's easy for a private firm to provide a public good because of free riders
a. True
b. False
Indicate whether the statement is true or false
False
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A government decision to privatize a sector of the economy formerly operated by the government is an example of ________ policy.
A. aggregation B. structural C. fiscal D. monetary
The additional benefit of increasing some activity by one-unit is called the
A) scarcity. B) total benefit. C) opportunity cost. D) marginal benefit. E) unit cost/benefit.
The figure above shows the production possibilities frontier for a country. In order for it to move from producing at point A to producing at point B, the country would need to incur an opportunity cost of
A) 4 million SUVs. B) 3 million SUVs. C) 1 million SUVs. D) 3 million compact cars. E) 0 because the gain in compact cars exceeds the loss in SUVs.
When the price elasticity of demand for a good equals
A) 0, the demand curve is vertical. B) 0, the demand curve is horizontal. C) 1, the demand curve is vertical. D) 1, the demand curve is horizontal.