If you are willing to take a pay cut to live near a ski resort, the ski resort provides you with Selected Answer: Psychic benefits Correct Answer: Psychic benefits Question 24 4 out of 4 points The marginal cost of a good is Selected Answer: The change in total cost per unit change in output Correct Answer: The change in total cost per unit change in output Question 25 4 out of 4 points In any city with a given crime prevention budget, additional suppression of prostitution Selected Answer: Will usually be achieved at the expense of an increase in other kinds of
crime Correct Answer: Will usually be achieved at the expense of an increase in other kinds of crime Question 26 4 out of 4 points Which of the following exists when an individual consumes benefits from a public good but does not pay for its cost? Selected Answer: Free-riding Question 27 A group project has been assigned and most of the work ends up being produced by only one or two of the group's members. This is an example of Correct Answer: The free-rider problem Question 28 If a law is passed making it illegal for unlicensed barbers to cut hair, which of the following will result? Correct Answer: Higher priced haircuts Question 29 Some people give up high-paying city jobs to live much simpler, rural lives. Which of the following is a sound economic explanation for this? Correct Answer: The very high psychic income they receive from the simple way of life Question 30
Police officers should be hired up to the point where Selected Answer: The benefit of the last officer hired is just equal to what its cost to hire her
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