Which of the following is true for a typical firm in a typical cartel?
a. "I can never do better for myself than by following agreed-upon cartel policies."
b. "If everyone cheats, I'm better off, and so is everyone else in the cartel."
c. "If I alone cheat, I'm better off; if everyone cheats, I'm worse off."
d. "If I suspect others are planning to cheat, I'll do best for myself by refraining from cheating."
c
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If the stock of physical capital (that is machinery, equipment, etc.) and human capital remains the same and the population increases, then
A) labor productivity will increase. B) labor productivity will decrease. C) real GDP decreases. D) the new labor will be more productive. E) the standard of living will increase.
Which of the following categories will be included under state and local government spending in the U.S.?
a. Science and technology b. Health care c. Police and fire protection d. International affairs