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24 Cards in this Set

  • Front
  • Back
a. privately
but paid for by taxpayers and provided to consumers free of charge.
b. by government enterprises
and the cost of production is covered by taxes.
c. privately
and consumers purchase it with their own money.
d. by government enterprises
and consumers purchase it with their own money.
2. In 2002
the American Association of Retired Persons (AARP) spent $70 million on lobbying-related expenses in an attempt to get policies enacted that would benefit retirees. In economics
d. redistribution searching.
a. If the National Football League (NFL) allowed college freshmen and sophomores to be drafted and play in the NFL
the most talented football players would drop out of school to play professional football.
b. If the demand for computer programmers in the private sector was to rise
salaries for computer science professors would likely rise as well.
d. All of the above are true.
1.
The incentive of producers to control costs and the incentive of consumers to economize on their purchases will be weakest when the good is produced
a.
b.
c.
d.
2.
In 2002, the American Association of Retired Persons (AARP) spent $70 million on lobbying-related expenses in an attempt to get policies enacted that would benefit retirees. In economics, the term used to describe such activity is
a.
b.
c.
d.
3.
Which of the following is implied by the economic concept of opportunity cost?
a.
b.
c.
d.