One "design principle" that makes informal, community-based solutions to public goods and common resource problems more effective is:
A. the government setting clear rules for use.
B. individual pledges to self-monitor their actions.
C. clear distinctions between who is and is not allowed to access the resource.
D. All of these are important to the effectiveness of community-based solutions.
C. clear distinctions between who is and is not allowed to access the resource.
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Games with a negative-negative outcome:
A. must have a noncooperative equilibrium. B. are not necessarily the best outcome for the players involved. C. result from players acting in their own self-interest. D. All of these statements are true.
The quantity of reserves that banks must hold against deposits is called
A) the reserve ratio. B) excess reserves. C) total reserves. D) required reserves.
Assume a series of forest fires reduces the supply of lumber, which is an input in the production of wooden bats. Baseballs and wooden bats are complements. If the price of wooden bats increases, we can expect the
A. Demand for baseballs to decrease. B. Supply of baseballs to increase. C. Supply of baseballs to decrease. D. Demand for baseballs to increase.
Another term for the opportunity cost of capital is
A) the normal interest rate. B) the normal rate of return. C) a normal profit. D) a normal wage rate.