1-Which of the following reason may be used to justify the government providing

Question

1-Which of the following reason may be used to justify the government providing a good?

a. The good is excludable.
b. The good is associated with negative externalities.
c. The good is under provided, if left to the market.
d. The good is excludable and rival in consumption.

2-On a 100 acre farm, a farmer is able to produce 3,000 bushels of wheat when he hires 2 workers. He is able to produce 4,400 bushels of wheat when he hires 3 workers. Which of the following possibilities is consistent with the property of diminishing marginal product?

Explanation / Answer

1)d. The good is excludable and rival in consumption.

2)2)a. The farmer is able to produce 5,600 bushels of wheat when he hires 4 workers.

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