A rational criminal model assumes
A. smart people commit crime.
B. criminals commit crimes because they have more legal opportunities.
C. criminals will commit fewer crimes if the likelihood of getting caught rises.
D. criminals will commit more crimes if the severity of punishment rises.
Answer: C
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The mismanagement of financial liberalization in emerging market countries can be understood as a severe
A) principal/agent problem. B) asymmetric information problem. C) lemons problem. D) free-rider problem.
Explain whether a firm’s decisions are optimal if economic profit is (a) positive, (b) zero, or (c) negative.
What will be an ideal response?
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. The slope of Country A's production possibilities frontier:
A. measures the opportunity cost of trucks in terms of cars.
B. measures the trade-off that Country A face when deciding how to allocate resources.
C. is constant because the opportunity cost remains constant.
D. All of these statements are true.
Which of the following would not result from a price ceiling (set below the equilibrium price)?
A) a shortage B) fewer exchanges C) an increase in supply D) nonprice rationing devices