Without government intervention, society is likely to get too little production of: i. private goods that generate external costs ii. private goods that generate external benefits iii. public goods
a. (i) only
b. (ii) only
c. (iii) only
d. both (ii) and (iii)
d
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Stocks change ________ whereas flows relate to ________
A) and that causes flows to change; changes that have no impact on stocks B) between points in time; changes within a given time period C) within a given period of time; changes between points in time D) only at the end of each year; amounts at a given point in time
If the price elasticity of demand for apples is greater than 1, an increase in apple prices will
A) raise total revenue. B) lower total revenue. C) not affect total revenue. D) either raise or lower total revenue, but it is impossible to determine which.
In the dictator game:
A. one player (the dictator) divides a fixed prize between himself and another player (the recipient) who is an active participant. B. one player (the dictator) divides a fixed prize between himself and another player (the recipient) who is an passive participant. C. one player (the dictator) must keep a fixed prize all to himself. D. one player (the dictator) must give all of a fixed prize to another player (the recipient) who is a passive participant.
Which country had the highest percentage of the adult population with at least a post-high school degree in 2009?
a. Italy b. United Kingdom c. Japan d. Canada