One desirable aspect of having multiple levels of government is that numerous small governments _____
a. leads to a prisoners' dilemma
b. allows for the possibility of intergovernmental competition
c. affect the optimal size of the sharing group
d. demonstrate how effective the federal government is at what it does
b
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China's recent experience supports the proposition that
A) "economic miracles" are solely to be expected in small countries. B) central planning and socialism can promote sustained economic growth. C) a lessening of income disparities is a prerequisite for economic growth. D) growth in a large country cannot be affected by its foreign sector. E) policy changed can dramatically prompt export oriented growth
Based on evidence from the turn of the century, the income elasticity of flour and meal
a. is greater than one. b. is less than one. c. approaches infinity. d. equals zero.
If labor costs $10 per unit and machines rent for $20 apiece, the slope of an isocost line might imply a substitution of:
A. one unit of labor for two units of machinery. B. one unit of machinery for two units of labor. C. two units of machinery for three units of labor. D. one unit of labor for one unit of machinery.
Figure 14.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. The insurance companies estimate that 40% of its customers are high-cost type. The uninformed side(s) of the market is (are):
A. customers. B. insurance companies. C. both customers and insurance companies. D. neither customers nor insurance companies.