A possible problem of democracy
A) is moral hazard.
B) is protected property rights.
C) is mob rule.
D) none of these choices is a problem.
C
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Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality." B) economic development." C) police and prisons." D) supply and demand." E) the private pursuit of private interests."
Explain the potential costs of high-powered incentives by considering the case of providing incentives to police officers. Would it be a good idea to pay higher wages to police officers if they make more arrests?
What will be an ideal response?
Price tags reduce transaction costs in countries where people's time is more valuable
Indicate whether the statement is true or false
When deciding what to use as money, one characteristic to look for is the:
A. stability of value. B. shape. C. intrinsic value. D. exchange value