Private goods are ?

A. Non-rival in consumption and their benefits are nonexcludable:
B. Rival in consumption and their benefits are excludable
C. Rival in consumption and their benefits are non-excludable
D. Non-rival in consumption and their benefits excludable

An example of public good is ?

A. A beautifully landscaped lawn.
B. Preservation of wetlands
C. A public utility.
D. A book

If one person’s enjoyment of the benefits of a good does not interfere with another’s consumption of it, the good is said to be ?

A. Limitless in utility
B. Non-rival in consumption
C. Congestible in consumption
D. Non-excludable

If a large number of individuals are affected by an external benefit, private bargaining will not work because of ?

A. Non-rivalry
B. The free-rider problem
C. The coase theorem
D. The fallacy of composition

A group of economists argue that the real problem with the economy is high rates of taxation and heavy regulation that reduce the incentives to work save and invest these economists are ?

A. Supply side economists
B. Neo-keynesian economists
C. Rational -expectations economists
D. New classical economists

According to supply-side economists if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest ?

A. Aggregate supply will increase , aggregate demand will decrease
B. Aggregate supply will increase, aggregate output will increase and the price level will decrease
C. Aggregate supply will increase aggregate output will increase and the price level will increase
D. Both aggregate supply and demand will increase and the price level will increase

According to the Laffer curve as tax rates increase tax revenue ?

A. Initially increase and then decrease
B. Decrease continuously
C. Rise continuously
D. Initially decrease and then increase

New classical economists advocate reducing welfare payments to people who are unemployed or single parents. The economic reasoning uses was that this would ?

A. Reduce poverty
B. Reduce unemployment
C. Weaken the power of trade unions
D. Help small businesses

The PFI aims to deliver public projects and services using ?

A. Public borrowing
B. The private sector
C. Time and motion studies
D. Foreign labour

A way of helping depressed regions by having lower wages, lower local taxes and lower unemployment benefit has been suggested as ?

A. Market orientated economists
B. Left-wing theorists
C. Keynesian
D. New-keynesian