Refer to Figure 7-5. With insurance and a third-party payer system, what price do consumers pay for medical services?

Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is

A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.

A lighthouse might be considered a private good if

a. there is a second lighthouse nearby, thus preventing a monopoly. b. the owner of the lighthouse is able to exclude beneficiaries from receiving the benefits of the lighthouse. c. ships are able to enjoy the benefits of the lighthouse without paying for the benefit. d. a nearby port authority is able to avoid paying any fees to the lighthouse owner.