In Econland, 500,000 of the 2 million people in the country are employed. Average labor productivity in Econland is $15,000 per worker. Real GDP per person in Econland totals:

Cartels can more easily detect cheating by cartel members if the products sold by each member are largely homogeneous

As product quality varies, the observed prices charged by cartel members may be due to differences in the products, or they may be due to cheating. Which of the following goods would more difficult to monitor for potential cheating? A) Aluminum ingots B) Industrial concrete C) Steel beams D) Luxury yachts

The term that is used to refer to a situation in which one party to an economic transaction has less information than the other party is

A) inefficient market hypothesis. B) moral hazard. C) information disparity. D) asymmetric information.