Answered: The satisfaction that an individual…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes *

a.Public benefit

b.private benefit

c.external benefit

d.social benefit

If it costs Levy $1.50 to prepare a burrito, that would reflect it's:

a.social cost

b.external cost

c.private cost

d.Public cost

As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: *

a.Underpriced

b.Overproduced

c.Under-produced

d.Over-produced

Full funding of tertiary level education is an example of a government: *

a.Tariff

b.Tax

c.Subsidy

d.Loan

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