________ arises when people realize they will still receive the benefits of a good whether they pay for it or not.
A. The free-rider problem
B. Logrolling
C. The drop-in-the-bucket problem
D. The voting paradox
Answer: A
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When the percentage change in the quantity supplied equals the percentage change in price, the supply is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
Construction of chain-weighted real GDP employs the technique of a
A) Hilfindahl index. B) Fisher index. C) Gini index. D) Body mass index.
Managers of profit centers earn more when their divisions
a. increase their sales and increase their costs b. decrease their sales and increase their costs c. decrease the costs of the components for which they are responsible d. increase the costs of the components for which they are responsible
We say economists are doing positive economics when they
A. try to improve the welfare of all citizens. B. look for regularities and principles in economic life that can help show how the economy works. C. claim that there is no value free social science so articulating one's values is important. D. focus on policies and rhetoric that encourage people to be optimistic about the future.