Government intervention in agriculture began in the United States in the 1890s

The efficient output level of a public good occurs where the

A) greatest number of free riders occurs. B) marginal cost of producing the last unit is equal to the marginal benefit realized by consumers. C) marginal cost of production is minimized. D) total cost of production is affordable.

Mercantilists wanted a favorable balance of trade, by which they meant

a. exports = imports. b. exports > imports. c. exports < imports. d. To import nothing from the colonies.