Which one of the following is a big problem in large groups?
A. Buyer-supplier conflicts
B. Free-rider problem
C. Useless group leader
D. Adverse selection problem
Answer: B
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Which theory of economic growth concludes that in the long run real GDP per person will be at its subsistence level?
A) the classical theory B) the neoclassical theory C) the new growth theory D) all of the theories
When a negative externality exists, _______________________ and thus _______________ intervention may be needed to achieve efficiency.
A. external costs are necessarily greater than private costs; government B. social costs equal private costs; no government C. social costs are less than private costs; government D. social costs are greater than private costs; government E. none of the above
In consumer equilibrium, the marginal utility of good A, B and C are 100, 300, and 400 respectively. If the price of good A was $35, then the prices of goods B and C, respectively, are:
a. $105 and $140. b. $140 and $105. c. $105 and $175. d. $140 and $175.
A new U.S. import quota on imported steel would be likely to: a. raise the cost of production to steel-using American firms. b. generate tax revenue to the government
c. decrease U.S. production of steel. d. increase the production of steel-using American firms.