Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of ________ reflects ________
A) 500 books and 1000 tables; an inefficient but attainable point
B) 1000 books and 500 tables; an efficient point
C) 1000 books and 1000 tables; a free lunch
D) 500 books and 500 tables; an attainable and efficient point
E) 1000 books and 1500 tables; a free lunch
A
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The free rider problem refers to a situation in which
A) the marginal cost of allowing additional consumers to consume a public good is zero. B) high income individuals subsidize the production of goods, such as education, that make society better off. C) people consume a pure public good without payment, even though the good may not be produced if no one chooses to pay. D) markets fail to allocate resources efficiently when benefits outweigh costs.
During which Presidential administration did the United States both end its commitment to Bretton Woods and institute significant wage and price controls?
a. Dwight Eisenhower b. Richard Nixon c. Jimmy Carter d. William Clinton