6. Products that generate external costs are generally _____ or _____. A. over-produced; over-consumed B. under-produced; under-consumed
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Question:
6. Products that generate external costs are generally _____ or _____.
A. | over-produced; over-consumed |
B. | under-produced; under-consumed |
C. | well known; frequently ignored |
D. | given attention; government regulated |
7. Public goods are _____ and _____.
A. | nongeneric; very frequent |
B. | neither helpful; not strategic |
C. | nonrival; nonexcludable |
D. | very common; very dependable |
8. A nonrival good is one for which:
A. | one person’s consumption of the good does not diminish another person’s enjoyment of the good. |
B. | once the good is provided no one can be prevented from enjoying the good. |
C. | various goods do not compete with each other for success in the marketplace. |
D. | firms manufacturing competitors of the good in question help to improve the good. |
9. “Nonexcludable” means that:
A. | a good has all important product features bundled with the product. |
B. | a good is available to very few consumers through very exclusive outlets. |
C. | once a good is provided, no one can be prevented from enjoying it. |
D. | no firms can be prevented from manufacturing a good. |
10. Common property resources tend to be exploited quickly because:
A. | the resource is very attractive compared to available alternatives. |
B. | it is not possible to prevent someone from using the resource. |
C. | all such resources are commonly held through the government. |
D. | consumers want to buy what other consumers have bought so they can have something in common with others. |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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