Which of the following is a public good?
A. Electricity
B. Telephones
C. National defense
D. All of the statements associated with this question are public goods.
Answer: C
You might also like to view...
Which of the following is a distinction between perfectly competitive and monopolistic competition?
A. Perfectly competitive firms must compete with rival sellers; monopolistically competitive firms do not confront rival sellers. B. Monopolistically competitive firms can raise their price without losing sales; perfectly competitive firms must lower their price in order to sell more of their product. C. Perfectly competitive firms confront a perfectly elastic demand curve; monopolistically competitive firms face a downward-sloping demand curve. D. Perfectly competitive firms may make either economic profits or losses in the short run, but monopolistically competitive firms always earn an economic profit.
Figure 9.1 shows the cost structure of a firm in a perfectly competitive market. If the market price is $40, the firm's profit maximizing output level is:
A. 500. B. 650. C. 900. D. 1,200.
Which of the following cases exhibit increasing returns to scale?
a. Output increases by 5 percent when inputs are increased by 6 percent. b. Output increases by 6 percent when inputs are increased by 5 percent. c. Output increases by 7 percent when inputs are increased by 7 percent. d. Output declines by 2 percent when inputs are increased by 1 percent.
In 2014, what were the two largest sources of federal tax revenues, and what were the two largest expenses of the federal government?