A lighthouse is typically considered to be a public good because
a. the owner of the lighthouse is able to exclude beneficiaries from enjoying the lighthouse.
b. there is rarely another lighthouse nearby to provide competition.
c. a nearby port authority cannot avoid paying fees to the lighthouse owner.
d. all passing ships are able to enjoy the benefits of the lighthouse without paying.
d
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An increase in transfer payments would have the same short run effect on the government deficit as an equal
A) increase in government expenditures. B) reduction in taxes. C) increase in taxes. D) Both A and B.
In the twentieth century, fluctuations in real GDP were
a. less severe during the last 50 years than was true during the first half of the century. b. virtually eliminated as the result of the countercyclical application of fiscal policy. c. more severe during the last 50 years than was true during the first half of the century. d. primarily the result of a fiscal policy that has persistently balanced the federal budget.