Privet property rights
What will be an ideal response?
As they see and help their neighbors.
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From an economic perspective, when a consumer decides to buy more life insurance, the consumer has most likely concluded that the marginal
A. benefit of more insurance coverage is greater than the total benefit. B. cost of more insurance coverage is negative. C. cost of more insurance coverage is equal to the payment for the extra coverage. D. cost of more insurance coverage is less than the marginal benefit.
If the real wage rate is such that the quantity of labor supplied equals the quantity of labor demanded
A) a full-employment equilibrium occurs. B) actual GDP equals potential GDP. C) the supply curve of labor is vertical. D) Both answers A and B are correct.
Common knowledge in game theory
A) is information known by all players. B) is required for static games. C) does not impact the outcome of the game, since everyone has the information. D) Both A and B.
Which of the following factors does not help explain incomplete specialization by countries that trade in accordance with comparative advantage?
a. There may be high transportation costs for perishable products or human services. b. The economies of trading partners may be of vastly different sizes. c. Opportunity costs of production may not be constant, but may vary with the volume of production. d. Governments may impose all kinds of barriers to free international trade, such as tariffs and quotas. e. The cost of making trade deals may have become extremely low because of the existence of the World Trade Organization.