A situation in which a single individual can provide a public good is known as
A) a monopoly.
B) the volunteer's dilemma.
C) eminent domain.
D) diffusion of responsibility.
B
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Discussions in recent years about the vulnerability of the Social Security System cause some people to feel the payments promised will not materialize. Discuss the possible changes we might observe now.
What will be an ideal response?
Suppose an instructor takes off points for students coming late to class. He then finds that the number of late arrivals has risen. This could have happened because the:
A. shadow price of late arrivals rose. B. shadow price of late arrivals declined. C. money price of late arrivals declined. D. teacher did not fine the students monetarily for arriving late.
Voluntary exchange requires that there must be mutual gain.
Answer the following statement true (T) or false (F)
Opportunity costs arise due to
a. Resource scarcity b. Interest rates c. Limited wants d. Preferences