In order to avoid the free-rider problem, which of the following goods is best provided by the government and paid for with tax dollars?
a. Automobiles.
b. Lighthouses.
c. Bread.
d. Prescription drugs.
e. Windows.
b
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Answer the following statement(s) true (T) or false (F)
1. In a contestable market with room for many firms, industry output will be the same as in a successful cartel. 2. The Cournot oligopoly model is based on the assumption that firms treat their rivals' output as fixed and given. 3. Firms' total output is higher in the Cournot oligopoly model than in the Bertrand oligopoly model. 4. In both competition and monopolistic competition, free entry and exit guarantee that the industry's output is produced at the least possible cost. 5. Social welfare would be increased if a monopolistically competitive industry were replaced with a competitive industry.
Increases in productivity per person lead to increases in per capita income, which we call:
A. economic growth. B. GDP per capita. C. the GDP deflator. D. the producer productivity index.
Of all federal receipts (tax receipts and borrowing) about _____ comes from the individual income tax.
Fill in the blank(s) with the appropriate word(s).
What is the income effect for leisure demand?
What will be an ideal response?