Which of the following is one of the reasons to believe that institutional change is more likely now than in the past?
a. The colonial era is over and countries are in the position to make their own institutional choices.
b. The collapse of communism has expanded the opportunity for institutional change.
c. Reductions in transportation and communication costs have increased the importance of institutions and policies.
d. All of the above are true.
D
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Suppose there are no borrowing constraints but the individual wishes to leave a bequest of $120,000 (after adjusting for inflation) to heirs. Then annual consumption should be
Consider an individual who enters adulthood and the labor force at age 18, expects to work 5 years at a real income of $10,000 per year, anticipates earning a real income of $40,000 per year from age 23 to 63, expects to retire with a $10,000 annual pension, and live until age 78. Suppose the interest rate is zero, and the individual seeks perfectly smooth consumption across his adult lifetime. a) $12,000 b) $16,000 c) $20,000 d) $24,000 e) $28,000
Suppose the latest Hunger Games movie first played in theaters, where it sold out during its opening week. Several months later it was available on pay-per-view TV. Two years later it was shown on CBS, a broadcast television network. When the movie was playing in theaters, it was a ________ good; when it was available on pay-per-view TV, it was a ________ good; and when it was shown on CBS, it was a ________ good.
A. private; collective; public B. collective; commons; public C. private; public; public D. collective; private; commons
Middle-aged workers being paid more than their younger counterparts is likely due to
A. workers prefer delaying their earnings to as late in life as possible. B. firms using a delayed compensation scheme. C. the natural inverse relationship between age and experience. D. the implementation of a mandatory retirement age by the firm. E. more recent education and job training programs being more effective than older programs.
Which of the following statements about economists' assessment of protectionism is true?
A) The costs and benefits of trade barriers are essentially equal. B) The benefits of trade restrictions exceed their cost. C) The costs of trade barriers exceed their benefits and generally result in inefficiency. D) It is not possible to estimate the costs of protection.