When government action is justified based on the argument that everyone agrees to be coerced _____
a. we cannot be sure that everyone is in favor of the action
b. the same justification is true of market exchange
c. we can be sure that the current state of affair is Pareto efficient
d. the private interest becomes the public interest
a
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For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true concerning production possibilities curves in both countries?
a. The slopes of the countries' production possibilities frontiers cannot be determined unless the number of workers in each country is known. b. The countries' production possibilities frontiers have the usual bowed-out shape. c. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to 1/100. d. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is steeper than Denmark's. e. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to negative 1/100.
Reciprocity means:
A. doing good things for people and asking nothing in return. B. deriving utility from the action of a stranger. C. responding to another's actions with a similar action. D. deriving utility from an action that will cause another's utility to increase.