An educated population contributes to economic growth because
A. schools provide many jobs for teachers.
B. educated people tend to work more hours than less educated people.
C. education allows workers to develop skills that increase their productive capabilities.
D. educated people understand the importance of protectionism.
Answer: C
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When misallocation of resources for production of a good results in spillover effects on third parties, there is a
A) market failure. B) government failure. C) legislative failure. D) productive failure.
For firms in perfect competition, the profit-maximizing quantity occurs when?
a. Marginal revenue equals average variable cost. b. Price equals marginal revenue. c. Price equals marginal cost. d. Marginal costs equal total revenue.
A poll tax is
a. the same as a head tax and is regressive b. the same as a head tax and is proportional c. the same as an excise tax and is progressive d. the same as a property tax and is regressive e. a tax on voting
When producers (say, of roads) are not able to make all consumers pay for enjoying their product (i.e., the roads), they tend to see a:
A. Marginal cost of production that is too low, and there is a supply-side market failure B. Marginal benefit of production that is too high, and there is a demand-side market failure C. Marginal cost of production that is too high, and there is a supply-side market failure D. Marginal benefit of production that is too low, and there is a demand-side market failure