Which of the following statements is TRUE about the difference between a public and private good?
A) Both public and private goods are owned by individuals but public goods can be shared while private goods cannot be shared.
B) The government produces private goods while corporations produce public goods.
C) Consumption of a private good by one person reduces the amount available for others while the consumption of a public good does not reduce the amount available for others.
D) Resources are used to produce private goods but are not used to produce public goods.
C
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Which of the following statements is true?
A) Randomization allows for classification of participants according to their choice. B) The subjects in the treatment group and the control group of an experiment are treated identically, except along a single dimension. C) Randomization is not used in medical experiments. D) The subjects in the treatment group and the control group of an experiment are identical in all respects and they are treated identically.
In an unregulated market, healthcare consumers often
A) overestimate its benefit. B) cannot afford the care they need. C) overestimate their future need. D) All of the above are correct.
Paying off the national debt would redistribute income from the
a. debt holders to the taxpayers. b. taxpayers to the major recipients of transfer payments. c. banks to the taxpayers. d. taxpayers to the debt holders.
What is another term for total surplus?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss