Answer the following statement(s) true (T) or false (F)
1. A non-congested toll road is an example of a good that is excludable, but not rivalrous in consumption.
2. Public goods can frequently be provided by private action when the resulting benefits are widespread.
3. All economists agree that a public good is one the is nonrivalrous and nonexcludable.
4. When a public goods increases the desirability of living in a certain area, benefits tend to be captured entirely by an increase in land values.
5. In a Clarke tax scheme, the amount of tax that a person pays depends, in part, on his revealed preference for the public good.
1. True
2. False
3. False
4. True
5. False
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A single-price monopolist will find when it produces its profit-maximizing amount of output that
A) price exceeds marginal revenue. B) price exceeds marginal cost. C) marginal revenue equals marginal cost. D) All of the above occur at the profit-maximizing output level.
Which of the following statements about the distribution of physicians among specialties is true in the United States?
a. There are twice as many specialists as there are generalists. b. The majority of physicians specialize in general/family practice. c. The specialty distribution in the U.S. is similar to that of the rest of the world. d. There are twice as many generalists as there are specialists