Economists believe a volunteer military is likely to
A) cost more than a conscripted military.
B) cost taxpayers more than a conscripted military would.
C) impose higher costs on military personnel than does a conscripted military.
D) increase the percentage of incompetent people in the armed forces.
B
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Diminishing marginal returns occur when
A) the average product of the variable input eventually diminishes. B) the marginal product of an additional worker is less than the marginal product of the previous worker hired. C) the firm hires cheap, less-skilled workers in place of expensive, high-skilled workers. D) total product diminishes.
The potential buyer of a house has less information about the house than the seller of the house. This is a case of
A) externality information. B) free ridership. C) asymmetric information. D) biased information. E) a public good not being a private good.
Which of the following non-OPEC nations have raised and lowered production in step with the OPEC nations, thus making the cartel more effective?
A. Venezuela and Nigeria B. Iran and Iraq C. Mexico and Norway D. Mexico and the United States
If a consumer is given a $10 gift certificate good only for items in store X, and all items in store X are normal goods, then the consumer desires to consume:
A. the same amount of goods in store X. B. more goods in store X. C. fewer goods in store X. D. None of the statements is correct.