A public good is
a. any good provided by government.
b. a good that can be most cheaply provided by government, though it may in fact be provided by private enterprise.
c. a good whose benefits cannot readily be restricted to a small group of people.
d. a good whose benefits cannot be enjoyed by an individual alone.
c
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Human capital ________ as you work. As a result, the ________ of goods and services ________
A) does not change; quality; does not change. B) decreases; quantity; decreases. C) improves; quality; does not change. D) declines; quality; increases. E) increases; quantity; increases.
If a marginal cost pricing rule is imposed on the firm in the figure above, the firm will produce
A) 5 units. B) 20 units. C) 30 units. D) 40 units.
A new industry develops, and our government wants to protect it from foreign competition. Which one of the following arguments would appropriately describe this type of protection?
A) national security B) cartelization C) infant industry D) protecting American jobs
Horizontal equity holds that those with greater ability to pay should pay less.
Answer the following statement true (T) or false (F)