Which of the following describes the asymmetry Mancur Olson observed in the incentives to support and oppose trade policy?
A) The benefits of those seeking protection outweigh the costs imposed by the protection.
B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers.
C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants.
D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.
C
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Explain how it is possible for one of two people in a two-good economy to have an absolute advantage in producing both goods, but trade can still benefit both people
What will be an ideal response?
As in all other competitive markets price equals marginal cost in a market for a scarce, non-renewable resource that is traded in a competitive market
Indicate whether the statement is true or false
Data show that in the U.S. since 1915, the velocity of M1 money
a. has been highly stable at approximately 24 b. has increased at about 3 percent per year c. has been erratic, varying between about 2 and 6 d. increased steadily until the 1960s, then decreased sharply thereafter e. has stayed fairly constant at approximately 4
For players in a repeated-play game to achieve cooperation:
A. the players need not explicitly state an agreement to cooperate, but must publicly display a commitment strategy. B. there is no need to enter into public commitment strategies or explicit agreements. C. the players must reach an explicit agreement to cooperate. D. there is no need for players to collude.