Over the post-war era, the gaps between industrial countries' living standards
A) disappeared.
B) stayed the same.
C) increased.
D) decreased.
E) fluctuated.
D
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Consider two individuals, Jay and Randy, and their decision to serve in the military. The accompanying tables show their opportunity costs of supplying military service. The government has determined that it needs 12 total hours of military service per week from these two individuals.
(i) Suppose the government drafts Jay and Randy, requiring each individual to serve 6 hours per week and paying them $15 per hour. What is society's cost of the 12 hours of military service?
(ii) What is the least possible cost to society of having 12 hours served per week?
(iii) What policy could the government use to obtain the required 12 hours of military service at the least possible cost to society?
For diversification to be a successful management strategy, it must
A) generate accounting profits. B) earn normal profits. C) protect market share. D) add value.
Data for which country were first used to illustrate the relationship between unemployment and inflation (i.e., the original Phillips curve)?
A) France B) United States C) Canada D) Germany E) none of the above
________ arises when people realize they will still receive the benefits of a good whether they pay for it or not.
A. The voting paradox B. The drop-in-the-bucket problem C. Logrolling D. The free-rider problem