Which of the following Nobel laureates became known for the study of asymmetric information?
A) Michael Spence B) Ronald Coase C) George Ackerlof D) Gary Becker
C
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In which of the following cases does the tragedy of the commons occur? I. Cattle grazing on private ranches. II. Catching lobsters off the coast of Florida. III. Raising salmon on salmon farms. IV. Using legal services provided by the courts
A) I only B) II only C) II and III only D) I and IV only
A profit-seeking firm will choose the combination of inputs that:
A. maximizes profit. B. maximizes costs. C. has the lowest average variable cost. D. has the lowest average total cost.
Compared to those with less economic freedom, countries with more economic freedom generally have ____ per capita GDP levels and ____ growth rates.
What will be an ideal response?
A barrier to entry
A) makes it illegal for firms to enter the industry. B) can be thought of as unrelated to monopoly. C) slows or even prevents entry into a market. D) usually takes the form of a cartel.