A. there are no benefits to the public since a public good is not excludable
B. the benefits are infinite because a public good is not rival and an infinite amount of people can consume it at the same time
C. one can never place a value on human life or the environment
D. respondents to naires have little incentive to tell the truth.
Related Mcqs:
- Market price adjusted to consider differences between social cost-benefit and private cost-benefit calculations are ?
A. price distortions
B. consumer surplus
C. shadow prices
D. exchange rates - What is defined as the active management of resources to provide the greatest present benefit without comprising the potential benefits to future generations ?
A. Prudent development
B. Sustainable development
C. Managed economy
D. None of these - Public goods are difficult for a private market to provide due to ?
A. the rivalness problem
B. the public goods problem
C. the Tragedy of the Commons.
D. The free-rider problem. - If goods are exported for less than society’s marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from?
A. an import subsidy
B. a quota
C. comparative advantage
D. an export subsidy - When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?
A. less than the efficient level of output
B. more than the efficient level of output
C. so that consumer surplus is zero
D. the efficient level of output - Unemployment benefits may increase the unemployment rate because unemployment benefits ?
A. encourage people to quit their jobs
B. reduce the cost of job search
C. enable people to quit searching for work
D. reduce the benefits of additional job searching - Name the political and economic system in which the government owns and controls the means of production to benefit all the people ?
A. Communism
B. Socialism
C. Capitalism
D. Authoritarianism - Economic system in which the government owns and controls the means of production to benefit all the people is called ?
A. Dictatorship
B. Socialism
C. Capitalism
D. Authoritarianism - If marginal benefit is greater than marginal cost, a rational choice involves ?
A. no more of the activity.
B. less of the activity
C. more of the activity
D. more or less, depending on the benefits of other activities - A student chooses to study because the marginal benefit is greater than the ______________ cost?
A. average
B. expected
C. total
D. marginal
