In a voluntary contribution game:
A. each member of a group makes a contribution to a common pool which benefits only the contributor, and this leads to alignment of individual and collective interests.
B. each member of a group makes a contribution to a common pool which benefits everyone, and this leads to alignment of individual and collective interests.
C. each member of a group makes a contribution to a common pool which benefits only the contributor, and this leads to a conflict between individual and collective interests.
D. each member of a group makes a contribution to a common pool which benefits everyone, and this leads to a conflict between individual and collective interests.
D. each member of a group makes a contribution to a common pool which benefits everyone, and this leads to a conflict between individual and collective interests.
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Grocery store gas stations often give gas discounts to their customers. What type of price discrimination is this?
A. First-degree price discrimination. B. Second-degree price discrimination. C. Third-degree price discrimination. D. It is not price discrimination.
Which of the following statements concerning stabilization policy is correct?
A) Increasing government spending during an economic boom would be an example of a stabilization policy. B) Increasing taxes during a recession would be an example of a stabilization policy. C) New Keynesian economists are skeptical of the value of stabilization policies. D) Increasing the money supply during a recession is an example of a stabilization policy.
The most likely substitute good for hot dogs would be:
A. burgers. B. potato chips. C. ketchup. D. a plate.
Investments in both physical and human capital enhance economic growth because they:
A. increases consumption during the current period. B. makes it possible for individuals to produce more goods and services per hour worked. C. encourages firms to expand output by employing more low-productivity workers. D. encourages workers to unionize and, thereby, fight for higher wages.