Which of the following is not a possible solution to the holdout problem?
a. eminent domain
b. contingency contracts
c. Dutch auction
d. hiding your intentions
c
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Which of the following would not cause the supply curve for gasoline to shift?
A) A change in the wages paid to gas station attendants. B) A change in the number of gas stations. C) A change in the incomes of drivers. D) A change in the cost of refining oil.
Efficiency in risk bearing implies that
A) risk is completely eliminated. B) the least risk-averse party bears most of the risk. C) the most risk-averse party bears most of the risk. D) all of the risk is borne by just one of the parties regardless of the degree of risk aversion.
In 2001, Costa Rican real GDP grew by 5 percent, well above the 2.5 percent trend line of its long-run annual average economic growth rate. In all probability, Costa Rica was in its ________ phase of the business cycle
a. recession b. recovery c. downturn d. prosperity e. trough
A good is an inferior good if the consumer buys less of it when
A. his income rises. B. the price of the good rises. C. the price of a substitute good falls. D. his income falls