Public funding of stadium construction for a professional football, baseball or basketball team could be argued using "merit good" logic
Indicate whether the statement is true or false
T
You might also like to view...
The short-run Phillips curve shows only a short-run tradeoff between the unemployment rate and the inflation rate because in the long run the
A) expected inflation rate increases. B) unemployment rate returns to the natural unemployment rate and so there is no long-run tradeoff between the inflation rate and the unemployment rate. C) natural unemployment rate increases. D) inflation rate returns to the natural inflation rate and the unemployment rate returns to the natural unemployment rate. E) inflation rate returns to the natural inflation rate and so there is no long-run tradeoff between the inflation rate and the unemployment rate.
Price wars can be the result of
A) a cooperative equilibrium. B) a firm playing a tit-for-tat strategy in which last period the competitors complied with a collusive agreement. C) new firms entering the industry and immediately agreeing to abide by a collusive agreement. D) new firms entering an industry and all firms then finding themselves in a prisoners' dilemma.
Under what circumstances would a voter rationally choose to be ignorant rather than informed of the public choices at hand in an election?
a. When the benefit consumers anticipate from becoming informed and voting exceeds the cost. b. When information and the time required to acquire and digest it are scarce, consumers concentrate on public choices rather than private choices. c. When information and the time required to acquire and digest it are scarce, consumers concentrate on private choices rather than public choices. d. When the anticipated benefit from voting to consumers is lower than the cost.
If the market wage for fast-food restaurants is $11 and the government enforces a minimum wage of $7, the unemployment rate will
A. Increase as quantity of labor supply decreases and quantity of labor demand increases. B. Increase as quantity of labor supply increases and quantity of labor demand increases. C. Not be affected by the minimum wage. D. Increase as quantity of labor supply increases and quantity of labor demand decreases.