free-rider is a person or firm that ________ from a good or service ________.
A) does not benefit; by paying for it
B) benefits; by paying for it
C) does not benefit; by paying double the price for it
D) benefits; without paying for it
D) benefits; without paying for it
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Economic models
A. are always based on realistic assumptions. B. usually predict perfectly. C. can never be tested with real-world data. D. are used to describe cause-and-effect relationships. E. are too simple to be of much use.
The advent of money market mutual funds is __________ the trend of "institutionalization," in which a __________ percentage of financial assets are directly owned by individuals
A) part of; growing B) part of; shrinking C) not a part of; growing D) not a part of; shrinking
The perfect substitution of two inputs implies that
A) two inputs can be substituted at a ratio of 1 to 1. B) one input can be substituted for another up to some point. C) two inputs can be substituted at some constant ratio. D) one input can be substituted for another.
Cooperation in an infinite game
A. is impossible. B. is possible if grim strategies are used. C. is guaranteed. D. is possible if no one cares about the future.