A free-rider problem exists for any good that is not
a. rival in consumption.
b. a private good.
c. free.
d. excludable.
d
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Distinguish between scarcity and shortages
What will be an ideal response?
The optimal bidding strategy for an oral auction is
a. To shade your bid below your true value and drop out well before it is reached b. To shade your bid below your true value and drop out just when the shaded amount is reached c. To bid drop out when the bidding exceeds your true value d. To size up your competition to determine how much to shade your bid
If carpentry positions A and B required identical skill levels, other things constant, which one of the following would most likely increase the wage rate of position A relative to position B?
a. The work place of position A is in the intense heat of the sun, whereas the work place of B is air-conditioned. b. Position A is a safe office job; position B requires the employee to operate a dangerous saw. c. Position A offers steady employment, whereas employees holding position B are often laid off. d. Position A offers more sick leave and more paid holidays.
Which of the following is a reason why antidumping actions are used more frequently than safeguard actions?
I. It is easier to meet the criterion that imports have caused "material injury" to a domestic industry than the criterion that imports were a "substantial cause of serious injury." II. The President does not need to approve antidumping duties. III. The President has to approve duties imposed under safeguard actions. a. I b. II c. III d. I, II, and III