A member of a cartel like OPEC has an incentive to
A) argue for larger production quotas for each member of the cartel.
B) agree to a low cartel production level and then produce more than its quota.
C) abide by its individual production quota.
D) support equal production quotas for each member.
Answer: B
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Needs-tested spending
A) is directing government spending and taxes to states that need the most hel
Supply and demand provides the basic explanatory framework for constructing both microeconomic and macroeconomic models.
Answer the following statement true (T) or false (F)
Since 1929, total government taxes as a percentage of GDP:
a. climbed from 10 percent to about 30 percent. b. remained close to 30 percent. c. climbed from 30 percent to about 50 percent. d. climbed from 15 percent to about 50 percent.
Why are diamonds more expensive than water?
A) because the last glass of water has higher marginal utility than the last diamond B) because the last diamond has higher marginal utility than the last glass of water C) because you get more total utility from diamonds D) because water is a necessity