Because information and the time required to acquire and digest it are scarce,
a. consumers concentrate on private choices rather than on public choices
b. consumers concentrate on public choices rather than on private choices
c. it is irrational for consumers to remain ignorant of the costs and benefits of government proposals
d. consumers have greater incentive to gather and act upon information about public choices than to gather and act upon information about their private choices
e. an individual voter has more incentive to examine the performance records of candidates for public office
A
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________ is likely to result in an increase in the total efficiency units of labor in an economy
A) A decrease in the capital-labor ratio in the economy B) An increase in the unemployment rate in the economy C) A decrease in the labor force participation rate in the economy D) An increase in the productivity of each worker in the country
According to the World Bank, Albania does one of the worst jobs as a country enforcing the rule of law. The consequence of a weak rule of law is
A) a decrease in cash transactions and increased efficiency. B) more risk taking on the part of entrepreneurs and greater economic investment. C) strong property rights enforcement leading to greater investment. D) difficulty in attracting investment and low economic growth.
Henry can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost to Henry of making a bird house is 1/3 bird feeder
a. True b. False Indicate whether the statement is true or false
Assume the generic production function Q = f (K,L) displays both decreasing returns to capital (K) and decreasing returns to labor (L). Then
A. this production function may display increasing returns to scale. B. this production function will certainly display constant returns to scale. C. this production function will certainly display decreasing returns to scale. D. this production function will certainly display increasing returns to scale.