If a public good was left to be provided by the private sector
A) more than the efficient quantity would be produced.
B) less than the efficient quantity would be produced
C) the efficient quantity would be produced
D) the good would be provided at a very low price.
B
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Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:
A. better education, health and life expectancy. B. poverty, depletion of nonrenewable resources, and congestion. C. crime, pollution, and economic inequality. D. unemployment, availability of goods and services, and better education.
The main reason(s) why governments sometimes chose to devalue their currencies is (are)
A) devaluation makes domestic goods more expensive in relation to foreign goods. B) devaluation makes domestic services more expensive in relation to foreign services. C) devaluation increases foreign reserves held by the central bank. D) devaluation improves the current account and increases foreign reserves held by the central bank. E) devaluation hurts foreign currencies.
As more workers are hired, the marginal physical product of labor eventually declines because
A) less efficient workers are hired as the number of workers increases. B) workers do not work well together when the number of workers increases. C) the amount of capital each worker has to work with declines as the number of workers increases. D) of diseconomies of scale.
The total economic cost of producing a good or service is called the
a. comparative value of construction. b. social consequence of resources. c. marginal valuation of output. d. opportunity cost of production.