What are the key characteristics of a public good?
What will be an ideal response?
A public good is not subject to the principle of rival consumption in the sense that it can be provided to different individuals without additional costs. A public good is also subject to the free-rider problem in the sense that persons can benefit from the good without paying for it.
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Knowledge, skills, and experience that make an individual more productive and able to earn a higher income are known as:
A) mental capital. B) human capital. C) sweat equity. D) intangible capital.
According to William Julius Wilson, the main exodus of the black working- and middle-class from the ghettos took place in the decade of the _____________.
Fill in the blank(s) with the appropriate word(s).
How has the pattern of movements in the U.S. price level changed since World War II?
A. The annual rate of inflation has never risen above 3 percent. B. The price level has become more volatile. C. Periods of deflation have largely been eliminated. D. Periods of inflation have largely been eliminated.
An increase in supply means that quantity supplied rises
A. at least one price. B. at a few prices. C. at most prices. D. at all prices.