Under what conditions will competition among politicians for votes result in an efficient provision of a public good?
What will be an ideal response?
Competition in the political marketplace will provide the efficient quantity of a public good only if the voters are well informed and are motivated to carefully evaluate the alternative policies that the politicians propose.
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A gamble can be described as "fair" if the expected value of the gamble (including any costs of play) is
a. positive. b. zero. c. negative. d. one.
Suppose a firm's short-run production function is given by Q = F(L) = 4L. If the wage rate is $12 and the firm has sunk costs of $300, then the firm's cost function is:
A. C(Q) = $12L. B. C(L) = $300 + $3L. C. C(Q) = $300 + $3Q. D. C(Q) = $300 + $12Q.
In 2015 the Japanese adult non-institutionalized population was 110.7 million, the labor force was 66 million, and the number of people employed was 63.7 million. According to these numbers, the Japanese labor-force participation rate and unemployment rate were about
a. 57.5% and 2.1% b. 57.5% and 3.5% c. 59.6% and 2.1% d. 59.6% and 3.5%
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. Comparative advantage doesn't exist in this scenario. B. The United States has a comparative advantage in the production of shoes. C. Canada has a comparative advantage in the production of shoes. D. Both countries have a comparative advantage in the production of shoes.