Explain why a freeway under certain circumstances may not be easily classified as a pure public good
What will be an ideal response?
A pure public good is one in which there is no ability to exclude non-payers and bestow collective benefits. The use of a freeway during rush hour traffic may actually impose a cost on others that use the freeway by adding to everyone else's commute time. In addition, toll ways can and are installed to keep non-payers from enjoying the good.
Economics
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Because of assortative mating, wealth becomes ________ and the distribution of wealth becomes more ________
A) more concentrated in a small number of families; equal B) more concentrated in a small number of families; unequal C) spread out among more families; equal D) spread out among more families; unequal
Economics
Point out the relevance of the Bayes' theorem
Economics