Question

Public goods are: a. All the goods supplied by the government for free use by its...

Public goods are: a. All the goods supplied by the government for free use by its citizens b. All the goods everyone has a legal right to use c. All the goods supplied by the government, including those goods it charges for, such as park access in some national parks d. Only the goods the government charges for the right to use e. None of these

Homework Answers

Answer #1

OPTION (A) IS CORRECT

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Question 7 (1 point) Which of the following statements is true? a Examples of public goods...
Question 7 (1 point) Which of the following statements is true? a Examples of public goods include national defense, public music concerts, and outdoor fireworks displays. b Quasi-public goods are those that have large positive externalities (or spillover benefits). That is, quasi-public goods not only benefit those who pay for it but also some third party external to the market transaction. c The government typically sponsors the provision of quasi-public goods. d All of the above. e Only a) and...
A characteristic of public goods is that the use of the good by one person does...
A characteristic of public goods is that the use of the good by one person does not reduce its availability to others. The term for this is: a.) non-exclusive b.) transferable c.) free-rider d.) non-rival e.) perfectly elastic
1.) Market failure associated with the free-rider problem is a result of A a problem associated...
1.) Market failure associated with the free-rider problem is a result of A a problem associated with pollution. B benefits that accrue to those who don't pay. C losses that accrue to providers of the product. D market power. 2.) If everyone benefits from helping the poor, A government intervention cannot improve social well-being. B eliminating taxes aimed at redistributing income will make rich people better off. C taxing the wealthy to raise living standards of the poor can potentially...
Providing Public Goods: Very Small Town has an opportunity to build a park at a cost...
Providing Public Goods: Very Small Town has an opportunity to build a park at a cost of $6000 per acre. Once built, the park is non-rival and non-excludable. Very Small Town has 3 residents (Alice, Bob, and Claire) whose total willingness to pay for parks of different sizes is summarized below. Acres Alice Bob Claire 1 $ 1800 $ 2800 $ 4000 2 $ 3500 $ 5000 $ 6500 3 $ 5000 $ 7100 $ 9000 4 $ 5500 $...
Some public goods, like street lights, are provided by the government. However radio stations are also...
Some public goods, like street lights, are provided by the government. However radio stations are also considered public goods, yet are provided by private companies. What best explains this phenomenon? A. People like listening to radio stations but don't care if there are street lights or not, so the government must provide them. B. Public radio stations are excludable so they are able to charge listeners, but street lights are nonexcludable so they must be provided by the government. C....
Question 4 (1 point) Which of the following statements is true? a Excludability occurs when one’s...
Question 4 (1 point) Which of the following statements is true? a Excludability occurs when one’s consumption of a good makes it unavailable for others, and it comes in units that are small enough to be afforded by individual buyers. b Rivalry occurs when those who are unable and unwilling to pay for the good do not have access to the benefits of the good. c Since private goods have rivalry and excludability, private, firms can produce and sell them...
1.Taxes can be justified if the government uses the revenue to (i) provide public goods such...
1.Taxes can be justified if the government uses the revenue to (i) provide public goods such as national defense. (ii) clean up negative externalities such as water pollution. (iii) regulate a common resource such as fish in a public lake. (iv) provide goods with positive externalities such as medical research. A) (ii) only B) (ii) and (iii) only C) (i), (ii), and (iii) only D) (i), (ii), (iii), and (iv) 2.A person's tax liability refers to A) the percentage of...
The government is currently considering setting a maximum price (price ceiling) for basic goods to ensure...
The government is currently considering setting a maximum price (price ceiling) for basic goods to ensure that people can get access to these goods at this current time. Fully explain your answer and also use a single diagram to demonstrate the likely outcomes of this policy if the maximum price is set: 1. Below the current free market price 2. Above the current free market price 3. At the current free market price The Australian government has implemented a number...
1. The invisible hand is: Select one: a. a government agency finding inefficiencies b. the government...
1. The invisible hand is: Select one: a. a government agency finding inefficiencies b. the government coordination markets c. None of the above d. everyone working for the common good e. everyone working in their own self-interest 2. The concept of marginal utility: Select one: a. all of these are true. b. can only be applied to situations in which individuals can choose among several goods or services c. is the change in total utility that comes from consuming one...
On a certain island there are only two goods, wheat and milk. The only scarce resource...
On a certain island there are only two goods, wheat and milk. The only scarce resource is land. There are 1,000 acres of land. An acre of land will produce either 14 units of milk or 15 units of wheat. Some citizens have lots of land; some have just a little bit. The citizens of the island all have utility functions of the form U(M, W) = MW. At every Pareto optimal allocation, a. the number of units of milk...