Give an example where individuals "vote with their feet" in choosing among bundles of public goods and tax rates
What will be an ideal response?
Student responses will vary. The example should discuss some individuals choosing to live in areas with high taxes and large amounts of public goods provided, while others choose to live in areas with low taxes and small amounts of public goods provided.
Economics
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The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance. B) productive dominance. C) comparative advantage. D) absolute advantage.
Economics
The relative price of a good is that price
A) expressed in today's dollars. B) expressed in constant 2017 dollars. C) expressed in terms of the price of another good. D) that is equal to the equilibrium price.
Economics