The term "free rider"
a. refers to the reduction of incentives for an individual to provide effort.
b. describes the privatization of goods and property.
c. refers to a situation in which resources are overused and quickly exhausted.
d. describes people who did not pay for their ship travel to the colonial US because their relatives would pay their fares once they arrived.
a. Refers to the reduction of incentives for an individual to provide effort.
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Which of these statements does not apply to market economies?
a. Prices prevent decentralized decision making from degenerating into chaos. b. Prices coordinate the actions of millions of people with varying abilities and desires. c. Prices ensure that anyone who wants a product can get it. d. Prices ensure that what needs to get done does in fact get done.
By enjoying more consumer goods today, the economy spurs growth in future consumer goods.
Answer the following statement true (T) or false (F)