Which of the following is true of government activities under a system of representative democracy?
a. If a majority favors an activity, it must be productive.
b. If a majority opposes an activity, it must be counterproductive.
c. When voters pay in proportion to benefits received, productive activities undertaken by the government will be favored by an overwhelming majority of voters.
d. When voters pay in proportion to benefits received, productive activities will generally be defeated under a majority rule vote.
C
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Who of the following would be considered a discouraged worker?
A. Marissa has a Ph.D. in physics, but is currently employed full time driving a taxi. B. Anna Marie has been looking for a job every day for the last month, but has not been hired. C. Ray wants to work forty hours per week, but can only find work for twenty hours per week. D. Frank would like to work, but has not looked for work because he believes no jobs are available.
The marginal product of labor (MPL) measures ________
A) by how much labor increases for each additional unit of output B) by how much labor increases for each additional unit of capital C) by how much total factor productivity increases for each additional unit of labor D) by how much labor increases for each additional unit of productivity E) by how much output increases for each additional unit of labor
The "free rider problem" occurs in connection with
a. private goods. b. both public and private goods. c. goods that are not scarce. d. public goods.
Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year.Last year, Christine's explicit costs were ________, and her implicit costs were ________.
A. $51,000; $40,000 B. $18,000; $40,000 C. $36,000; $140,000 D. $15,000; $43,000