What is the relationship between the gross domestic product of a country and the level of life satisfaction in the country?
What will be an ideal response?
GDP turns out to be an excellent predictor of life satisfaction. It has been found that there exists a robust relationship between GDP and life satisfaction in a large sample of countries. The countries with higher levels of per-capita GDP report higher levels of life satisfaction.
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You have read that the free rider problem affects equilibrium in a public good context. Explain how this situation can be modeled as a prisoner's dilemma game.
What will be an ideal response?
If the demand for mushrooms increases while the supply remains unchanged, this will result in
A. a shortage of mushrooms as the market price remains unchanged. B. an increase in the quantity of mushrooms sold and an increase in their price. C. an increase in the quantity of mushrooms sold but no change in price. D. a decrease in the quantity of mushrooms sold and an increase in their price.