The average National Basketball Association player is over 6 feet tall. The average horse jockey is shorter than 5 1/2 feet tall. This is because height provides NBA players with:
a. d and e.
b. an absolute advantage for horse racing.
c. an absolute disadvantage for other sports in general.
d. a comparative disadvantage in horse racing.
e. a comparative advantage in basketball.
a
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When the government intervenes in markets with bystanders, why does it do so?
a) to protect the interests of bystanders b) to make certain all benefits are received by market participants c) to better coordinate the actions of buyers and sellers d) to increase production when negative externalities are present
An optimal decision is one that chooses
a. the most desirable alternative among the possibilities permitted by the resources available. b. the lowest cost method of meeting goals, without regard to quality or any other feature. c. among various possible goals and offends no one, so that all are equally happy. d. among equally important goals, and thereby avoids the "indispensable necessity" syndrome. e. among possible goals in such a way that spends as little money as possible.