Which of the following is an example of a good that is produced by the public sector but consumers purchase it in proportion to the benefit received?
a. milk
b. public education
c. first-class mail delivery from the U.S. Post Office
d. national defense
C
Economics
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If the price of music downloads decreases, which of the following is most likely to occur? a. Quantity demanded will decrease. b. Quantity demanded will increase. c. Demand will increase
d. Demand will decrease.
Economics
After the Arab oil embargoes, there was concern about the impact of higher gas prices on the low-income worker. The government imposed price controls on oil to protect the poor from this situation. Explain the inefficiency of this price ceiling and how taxes, rather than prices, could be used to solve the problem.
What will be an ideal response?
Economics