Free-riding is linked to an absence of monitoring behavior
Indicate whether the statement is true or false
True
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A technological improvement in producing good A would be a shift in the:
a. supply curve for A to the right. b. supply curve for A to the left. c. demand curve for A to the right. d. demand curve for A to the left.
Molly needs 30 minutes to wash the car and 45 minutes to mow the lawn. Renee needs 1 hour to wash the car and 2 hours to mow the lawn. Which of the following statements is correct?
a. Molly should specialize in both tasks. b. Renee should specialize in both tasks. c. Each woman should specialize in the task in which she has the absolute advantage. d. Absolute advantage is not an appropriate guide for determining specialization. e. Neither woman should specialize.
Rents can be derived from any factor used in production
Indicate whether the statement is true or false
In a market economy, who or what determines who produces each good and how much is produced?
a. the government b. lawyers c. lotteries d. prices