A government-inhibited good is one that
A) the political process has determined is socially undesirable.
B) the political process has determined is socially desirable.
C) freely competitive markets have determined is socially desirable.
D) we want to encourage the consumption of.
A
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The questions of what type of public goods to produce, and how much to produce, are resolved:
a. in product markets. b. in resource markets. c. in private clubs. d. through public choices.
When medical fee schedules are negotiated by two monopolists—one representing patients and one representing providers—the equilibrium medical fees will:
a. be less than fees determined by patient groups alone. b. be greater than fees determined by provider groups alone. c. depend on the relative bargaining strengths of the two groups negotiating the fee schedule. d. be less than fees determined in a competitive market. e. be greater than fees determined in a competitive market.
The amount of pizzas that consumers want to buy per week is reflected in the equation P = 15 - .02Q d , where Q d is the amount of pizzas purchased per week and P is the price of pizzas. On the basis of this information we can say that:
A. if pizzas were free, people would consume 800 per week. B. more pizzas will be purchased at a high price than at a low price. C. if the price of pizzas is $6, then 150 will be purchased. D. 50 fewer pizzas will be purchased per week for every $1 increase in price.
A long-standing goal of financial regulators has been to:
A. discourage small rural banks. B. encourage banks to grow as large as possible. C. minimize the competition that banks face. D. prevent banks from growing too big and powerful.