1. Explain why Bradley International Airport in Hartford, CT, is a public good:

Answer:

2. Which of the following are non-competitive and non-excludable, which means public goods:

a. Boston Common

b. The Wang Theatre in Boston

c. The Armory Museum at STCC

d. The Hartford Insurance company

e. A & C

f. B & C

g. B & D

h. All of the above

3. Price floors and price ceilings can backfire by causing prices to become artificially higher than desired, and to linger at such undesirable levels for long stretches. Why is that?

Answer:

7. What does the GDP exclude?

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8. Which of the following would be included in the GDP? Explain why or why not in each case. The explanation matters a great deal.

a. Paving your own driveway, yourself:

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b. Buying an old lawnmower from the Goodwill:

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c.The disappearance of certain bird species:

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d. MIT adds new research to its table:

Answer

e. Earning a commission on selling refurbished cellphones:

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f. 1.9% interest earned on a CD:

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g. AT&T pays dividends:

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h. Buying cannabis from an unlicensed grower and distributor. Someone off the grid:

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i. Withdrawing money from your savings account:

Answer: