If government is to allocate resources efficiently, _____
a. competition among local governments should be limited in scope
b. local governments should transfer powers to state governments whenever possible
c. public goods should always be provided by the federal government
d. public goods should be devolved to local governments whenever feasible
d
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The cost to a physician of tending a patient is
A) dependent on the number of years over which the physician practices. B) higher for a recent medical-school graduate than for a physician with a well-established practice. C) the value of the time when spent in its next best use. D) zero under a system of complete and comprehensive medical insurance.
If two interdependent economies work independently pursuing the best interests of their own economies
A) both countries can end up worse than they planned because of international externalities. B) they will make other economies more vulnerable to international externalities. C) they will have to sacrifice their monetary autonomy to achieve their goals. D) both countries can end up worse than they planned because of the liquidity effect.