If the free-rider problem affects political advocacy, the result may be that the:
A. best ideas will always win because those supporters value the outcome the most.
B. best ideas will always win because free-riders are not typically supporters of relevant alternatives.
C. best ideas might not win out if lots of people fail to lend their support.
D. irrelevant alternatives are eliminated from the options, increasing the efficiency of the vote.
C. best ideas might not win out if lots of people fail to lend their support.
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If a nation specializes in activities in which opportunity costs are the lowest and then trades with other nations, it is most likely to:
a. have a higher standard of living for its citizens than it would if it did not specialize and then trade. b. have a lower standard of living for its citizens than it would if it did not specialize and then trade. c. create as much wealth for its citizens as it could if it did not specialize and then trade. d. benefit in the short run but incur heavy loss in the long run. e. incur heavy loss in the short run and eventually cease production in the long run.
Economic growth is represented by a:
A. leftward shift of a production possibilities curve. B. rightward shift of the long-run aggregate supply curve (LRAS). C. horizontal long-run aggregate supply curve (LRAS). D. downward shift of an aggregate production function.
According to the law of supply, price and quantity supplied are inversely related, ceteris paribus
a. True b. False Indicate whether the statement is true or false
To be counted as unemployed, a person must be looking for a job
a. True b. False Indicate whether the statement is true or false