There are apartments in Chicago whose rooftops overlook Wrigley Field. On game day you can find free riders on the roof enjoying ____.
A. free property rights
B. an externality
C. a public good
D. excess utility
Answer: B
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The optimal subsidy for private giving to a public good increases as the number of people benefiting from the public good increases.
Answer the following statement true (T) or false (F)
In a Bayesian incomplete information game, a "belief" is represented as the probability you place on your opponent playing one strategy versus another.
Answer the following statement true (T) or false (F)
Which of the following types of workers has decreased as a percentage of the U.S. labor force in recent decades?
a. skilled workers. b. unskilled workers. c. semiskilled workers. d. clerical workers.
An upward-sloping labor supply curve means that
a. workers prefer to buy more leisure time when their incomes increase. b. workers prefer to supply less labor when wages are high. c. an increase in the opportunity cost of leisure leads workers to increase the quantity of labor they supply. d. All of the above are correct.