In a game where individuals are asked to contribute to a public good, best response functions slope down because each individual believes the other will not give very much.
Answer the following statement true (T) or false (F)
False
Rationale: Best response functions slope down because each individual will only give until the private marginal benefit of an additional dollar of the public good is equal to a dollar -- and as the other individual gives more, this implies less giving leads to the last dollar satisfying this condition.
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Which of the following statements is INCORRECT?
a. Before the 1950s, all air quality laws in the United States had been enacted at the state and local levels of government b. The first state-level law to control motor vehicle emissions was passed in Massachusetts c. The Clear Skies Act was put forth under the administration of George W. Bush d. The Clean Air Act Amendments of 1990 include some market-based policies
Increased production, but not increased inflation, will result in higher:
a. nominal GDP. b. money GDP. c. real GDP. d. current dollar GDP.
If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good
a. True b. False Indicate whether the statement is true or false
With the resources available, you can make the combinations of Ums and Umies (trinkets from a place called Bandarban) shown in the table. The opportunity cost of producing 60 Umies instead of 30 Umies is:Number of UmsNumber of Umies60040302060090
A. 20 Ums B. 40 Ums C. 30 Ums D. 10 Ums