The Gallatin Plan (1808) was not passed because some individuals questioned its constitutionality

The privately-owned school system in Smalltown has a virtually unlimited capacity. It accepts all applicants and operates on both tuition and private donations. Although every resident places value on having an educated community, the school's revenues have suffered lately due to a large decline in private donations from the elderly population. Since the benefit that each citizen receives from

having an educated community is a public good, which of the following would not be correct? a. The free-rider problem causes the private market to undersupply education to the community. b. The government can potentially help the market reach a socially optimal level of education. c. A tax increase to pay for education could potentially make the community better off. d. The private market is the best way to supply education.

Which of the following is NOT one of the basic questions that an economic system attempts to answer?

A) How to identify what people need? B) What to produce? C) How will goods and services be produced? D) For whom will goods and services be produced?