In his classic treatise on public finance, Richard Musgrave says the economic activities of the state can be broken down into _____
a. allocation, distribution, production
b. allocation, distribution, stabilization
c. allocation, production, protection
d. production, protection, allocation
b
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The average annual growth rates of labor productivity from 1948 to 1973 were ________ the average rates over the period from 1973 to 1995.
A. more rapid in the U.S., but slower in other industrialized countries than B. about the same as C. more rapid than D. slower than
In the spring, I enjoy the fragrance coming from my neighbors' flowers. The fragrance is is an example of
A) a negative externality. B) a private good. C) the need for antitrust legislation. D) a free rider problem.
Which of the following is included in GDP?
A. The value of illegally produced goods B. The value of housework by a stay-at-home dad C. The value of volunteer work done at a local homeless shelter D. The cost of government-provided social services
A game with a first-mover advantage is one in which:
A. the player who chooses first gets a higher payoff than those who follow. B. the player who chooses first gets to decide if a repeated game will start with cooperation from the beginning. C. the first player to move determines the payoffs for the rest of the game. D. None of these statements is true.