The fundamental cause of the tragedy of the commons is:
a. international trade.
b. lack of defined property rights.
c. ignorance.
d. tariffs.
Ans: b. lack of defined property rights.
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If the entire Social Security payroll tax were paid the employees _____
a. firms would be better off b. more individuals would be self-employed c. the nominal wage paid by employers would increase d. the employees after-tax wage would fall
If marginal revenue is less than marginal cost, the firm should
A) raise price. B) raise marginal revenue. C) increase its rate of output. D) decrease its rate of output.
Given that the firm wants to sell both the versions, how should it price its products to have the users self-sort themselves profitably?
a. No-name $60; High-end $130 b. No-name $60; High-end $100 c. No-name $40; High-end $100 d. No-name $40; High end $130
Cyclical unemployment occurs when real GDP falls below potential GDP.
Answer the following statement true (T) or false (F)