An example of a tax-funded program intended to provide basic human needs is the provision of:
A. public education.
B. police protection.
C. health care.
D. national defense.
C. health care.
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GDP overstates the productive capacity of a country when:
a. economic bads like pollution are produced and then must be cleaned up. b. there is a sizable underground economy. c. nonmarket production represents a large portion of the economy. d. working conditions improve, allowing jobs to be completed safer and faster.
Critics of advertising make which of the following claims about advertising? i. It often creates "needs" for trivial products. ii. It manipulates people's tastes. iii. It uses scarce resources and raises costs
a. (i) and (ii) only b. (i) only c. (ii) only d. (i), (ii), and (iii)
In Figure 9-13, assume the initial equilibrium at point A is disturbed by an increase in demand. If long-run equilibrium is established at point C, this is a(n)
a.
constant cost industry
b.
increasing-cost industry
c.
decreasing-cost industry
When the government bans a good:
A. it will only be effective if it can be easily enforced. B. it doesn't need to change the trade-offs consumers face. C. it should get approval from the community before exacting the ban to be more effective. D. the cost of breaking the ban needs to be sufficiently low in order to be effective.