What are two ways that a government or group can ensure that the economic pie is maximized when the volunteer's dilemma arises?
What will be an ideal response?
The can require compulsory volunteerism or have parties agree to coalition building and bargaining.
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If the CPI rises from 206.7 to 212.7 between two consecutive years, by how much has the cost of living changed between these two years?
A) The cost of living has increased by 6%. B) The cost of living has increased by 12.7%. C) The cost of living has decreased by 6%. D) The cost of living has increased by 2.9%.
Many car owners and car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper
The market for used cars could be described as A) relatively competitive. B) perfectly competitive. C) non-competitive. D) having high transaction costs.
In the case of negative externalities in production, the firm's internal costs:
A. exceed the external costs. B. overstate the true cost of producing the product. C. equal the external costs. D. understate the true cost of producing the product.
Cuba is a command economy that suffered a decline in economic growth because of a cut in the aid provided by the former Soviet Union when the latter collapsed. As a consequence, Cuba:
A. Experienced an outward shift of its production possibilities curve B. Experienced an inward shift of its production possibilities curve C. Moved from one point to another along its existing production possibilities curve D. Went to a point inside its production possibilities curve