Which of the following is least likely to overcome the free-rider problem?
A. offer people a private gift for contributing
B. arrange for matching contributions
C. appeal to people's sense of civic or moral responsibility
D. maintain anonymity of contributions
Answer: D
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If firms were required to pay the full social costs of the production of goods, including both private and external costs, other things being equal, there would probably be: a. an increase in production
b. a decrease in production. c. a greater misallocation of resources. d. a decrease in the market price of the product.
A cold spell in Florida extensively reduced the orange crop, and as a result, California oranges commanded a higher price. Which of the following statements best explains the situation?
a. The supply of Florida oranges fell, causing the supply of California oranges to increase as well as their price. b. The supply of Florida oranges fell, causing the supply of California oranges to decrease and their price to increase. c. The supply of Florida oranges fell, causing their price to increase and the demand for California oranges to increase. d. The demand for Florida oranges was reduced by the freeze, causing an increase in the price of California oranges and a greater demand for them.
An investor practicing hedging would be most likely to:
A. put his/her invested funds in CDs. B. purchase shares in general motors and Amoco oil. C. avoid the stock market and focus on bonds. D. purchase shares in general motors and buy U.S. treasury bonds.
The ability of an owner of a piece of property to deny its use to others is labeled ________
A) excludability B) rivalry C) non-rivalry D) lugubrious