The central question in determining whether a good is public or private is whether
A. The good is provided by the government.
B. We have the political will to exclude nonpayers from consumption.
C. We have the technical capability to exclude nonpayers from consumption.
D. Free riding is considered immoral.
Answer: C
Economics
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Refer to Figure 9.2. A movement from point c to point a could be caused by a(n)
A) decrease in government spending. B) increase in the price of oil. C) decrease in taxes. D) decrease in short-run aggregate supply.
Economics
If the production function exhibits diminishing marginal product, the total cost function gets steeper as the quantity of output increases
a. True b. False Indicate whether the statement is true or false
Economics