Which of the following environmental approaches is most appropriate when surveillance and enforcement is impractical?
a. direct controls
b. emissions tax
c. volunteerism
d. tradable emission permits
c
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The top quintile's share of all income exceeds 50% in 2005
Indicate whether the statement is true or false
Very often, the reason that players can solve the prisoners' dilemma and reach the most profitable outcome is that
a. each player tries to capture a large portion of the market share. b. the players play the game not once but many times. c. the game becomes more competitive. d. self interest results in the Nash equilibrium which is the best outcome for the players.
A short run own price elasticity of demand of -0.20 suggests a price flexibility coefficient of
A) -0.50. B) -2.0. C) +2.0. D) -5.0.
The case for product differentiation includes the assertion that
A. new products satisfy people with different preferences. B. even products that do not satisfy a real demand survive. C. standards of living rarely improve with product innovation. D. it wastes society's scarce resources.