Which of the following statements about the private production of a public good is true?
a. Private production is not feasible unless government subsidizes it.
b. Private production is only possible for pure public goods.
c. Private production is always inefficient.
d. Private production is provides useful information about consumer preferences.
d
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Refer to the figure above. If the relative price of T were to increase, then the price line would
A) shift out in a parallel fashion. B) shift in a parallel fashion. C) become steeper. D) become flatter.
Measured as a share of the economy, government spending
a. has been between 10 and 15 percent of the U.S. economy since 1930. b. has been between 20 and 25 percent of the U.S. economy since 1930. c. rose from less than 10 percent in 1929 to over 35 percent in 2012. d. declined from more than 50 percent in 1929 to approximately 25 percent in 2012.