What is the optimal level of provision of a public good?
What will be an ideal response?
The level at which society's total willingness to pay per unit is equal to the marginal cost of producing the good.
Economics
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George and Michael can gain from exchange
A) unless one has an absolute advantage in all goods. B) if each specializes in the production of the good for which he has the higher opportunity cost. C) if each specializes in the production of the good for which he has the lower opportunity cost. D) unless they have different opportunity costs.
Economics
In general, a country that adheres to the rule of law has
A) a higher level of real GDP per capita. B) a lower level of real GDP per capita. C) no relationship to the level of real GDP per capita. D) an inverse relationship to the level of real GDP per capita.
Economics