Question

Pure public goods are:

		non-rival but exclude.
		non-excludable, indivisible, and non-rival.
		rival but non-excludable.
		excludable, divisible, and non-rival.

In terms of the U.S. health care system:

		it is about twice the cost of the rest of the industrialized world.
		nearly $1 out of every $5 of GDP goes to health care.
		health outcomes rank re lively low internationally for the cost of the system.
		all of the answers are true.

The fallacy of composition is

		an expression that means "other things being equal."
		the (false) statement that what is true of the parts is true of the whole or what is true of the whole is true of the parts.
		a statement about the way the economic world ought to be.
		the error of reasoning that a first event causes a second event because the first event occurred before the second event.

A normative statement is

		about what is.
		always true.
		one that does not use the ceteris paribus clause.
		about what ought to be.

A libertarian believes in:

		economic freedom but not personal freedom.
		economic freedom and personal freedom.
		neither personal freedom or political freedom.
		economic freedom but not personal freedom.

Answer 1

1) Pure public goods are defined as the goods which are non-excludable, non rival and indivisible in nature. Ex: Fresh air.

Correct Ans - B

2)

Official facts about US health care system by Department for professional employees - AFLCIO

• Around 17% of country's GDP is spent towards health care system which is nearly 1 in every 5 dollar
• On a per capita basis, the U.S. spends more than double the average of all OECD countries
• " In terms of quality of care, the U.S. ranked fifth, but came in last place in efficiency, equity, and healthiness of citizens’ lives. Comparing other health care indicators in an international context underscores the dysfunction of the U.S. health care system."

Correct Ans - D

3)

Fallacy of composition is the error one commits when one infers that something is true of the whole from the fact that it is true of some part of the whole.

Correct Ans - B

4)

Normative statement is subjective and value based while positive statement is of objective nature and fact based,

Correct Ans - D

5)

Libertarians believe in political freedom and autonomy nature of the individual and their freedom to choose and individual judgement.

Correct Ans - B