Leisure time
A) is less valuable to us than the wage we earn for working.
B) has steadily decreased over the years.
C) is not valued as part of GDP.
D) is not an economic good.
E) is included in GDP and has become an increasingly large part of GDP.
C
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Long Beach Island, off the coast of New Jersey, is considering building a sand barrier to protect the houses on the island from future hurricanes. The marginal social benefit of the barrier is equal to the
A) marginal private benefit of the person who benefits the most from the barrier. B) marginal private benefit of the person who benefits the least from the barrier. C) sum of the marginal private benefits for anyone who benefits from the barrier. D) difference between the marginal private benefit of the person who benefits the most and the person who benefits the least from the barrier.
If each taxpayer paid the same lump-sum amount regardless of income level, the tax system would be:
A. regressive. B. progressive. C. disproportionate. D. proportional.