Shirking of one's duties is often encountered in team production settings because
a. few individuals are well-intentioned
b. teamwork is recognized as less significant than individual performance
c. teammates face a dilemma posed by a dominant strategy to shirk
d. reputation effects dominate in long-term teams
e. teamwork can be less than the sum of the individual parts
c
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Denise is thinking about setting up a butterfly garden in her backyard. She estimates that it will cost her $2,000 to purchase and install special plants and an irrigation system to attract butterflies. The benefit she expects to receive is $1,800 . In addition, neighbor Billy will receive a benefit of $150 and neighbor Sammy will receive a benefit of $100 . From this, we can conclude that:
a. butterflies are a negative externality for Billy and Sammy. b. Denise will set up the butterfly garden without any help from her free-rider neighbors. c. if Sammy refuses to contribute to the butterfly garden, he will be unable to enjoy its benefits if it is built. d. if Billy refuses to contribute to the butterfly garden, Denise will not have one. e. if Billy and Sammy contribute the amounts at which they value the butterfly garden, Denise will set it up.
Fiona can iron 5 shirts or cook 2 meals in an hour. Alicia can iron 6 shirts or cook 1 meal in an hour. Which of the following statements is true?
a. Fiona's marginal cost of ironing a shirt is greater than Alicia's. b. Alicia's marginal cost of ironing a shirt is greater than Fiona's. c. Alicia's marginal cost of cooking a meal is twice that of Fiona's. d. Fiona's marginal cost of cooking a meal is twice that of Alicia's.
When the Fed reduces the discount rate, it is more likely that the economy experiences _________ and the fall in the rate will _____________
a. inflation; decrease the use of open market operations b. inflation; decrease the federal funds rate as well c. recession; increase the federal funds rate as well d. recession; decrease the cost to banks of borrowing from the Fed e. inflation; decrease the cost to banks of borrowing from the Fed
Scarce resources like land, labor, and capital can be categorized as
A) Manufactured resources. B) Natural and biological resources. C) Human resources. D) All of the above.