A ________ exists when naturally occurring incentives encourage sufficient numbers of people to act in a way that makes everybody worse off
Fill in the blank(s) with correct word
collective action problem
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The table above shows the amounts of cloth and cheese that China and Pakistan can produce in an hour. Which country has the comparative advantage in cloth and which country has the comparative advantage in cheese?
What will be an ideal response?
One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
A) the price of the good changes. B) the cost of producing the good changes. C) prices of substitutes in production change. D) supplier expectations about future prices change.
The following scatterplot displays the 1990 per capita income versus number of deaths due to traffic accidents per 100,000 people for each of the 50 states plus the District of Columbia.Which of the following is a plausible value for the correlation coefficient between weight and MPG?
A) +0.2 B) –0.5 C) +0.7 D) –1.0
Neoclassical economics and behavioral economics disagree on the following assumptions, except:
A. Rationality of people B. Determinants of prices C. Stability of people's preferences D. Strength of people's willpower