Who among the following is a free rider?
a. Butch breeds the feared pit bulls, and his neighbors now erect fences around their property
b. Fred watches many public television programs, but he has never sent in a contribution.
c. Barry steals candy from the store where he works.
d. Betty regularly uses the local public library.
e. Joe drives 20,000 miles a year on public streets, but he pays no more in taxes than Sam, who only drives 1,000 miles.
B
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Other things remaining the same, in the long run ________ in the quantity of money brings an equal percentage ________
A) a decrease; increase in the price level B) an increase; decrease in the price level C) a decrease; increase in the nominal interest rate D) a decrease; decrease in the price level E) an increase; increase in the real interest rate
A good is normal for a consumer if
A) it is always consumed in a consistent quantity. B) its consumption rises when income rises. C) its consumption falls when income rises. D) some minimal level of the good must be consumed to assure the consumer's survival.
If the government imposes a tax of $3,000 on everyone, the tax would be a(n)
a. income tax. b. consumption tax. c. lump-sum tax. d. marginal tax.
Suppose stock prices rise. To offset the resulting change in output the Federal Reserve could
a. increase the money supply. This increase would also move the price level closer to its value before the rise in stock prices. b. increase the money supply. However, this increase would move the price level farther from its value before the rise in stock prices. c. decrease the money supply. This decrease would also move the price level closer to its value before the rise in stock prices. d. decrease the money supply. However, this decrease would move the price level farther from its value before the rise in stock prices.