Joe works for an environmental agency. Every day he chooses to fill his reusable water bottle and bring it to work instead of bringing in a plastic disposable water bottle each day. Joe most likely derives utility from:
A. the knowledge that others in his firm observe his environmentally-friendly choice of water bottle.
B. Joe likely derives utility from all three of these sources.
C. the knowledge that he is doing something good for the environment by not using plastic water bottles.
D. the taste of water from his reusable water bottle.
Answer: B
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The costs of ensuring that the parties live up to the promises they made in bargaining are called
A) search costs. B) collectivization costs. C) negotiation costs. D) monitoring and enforcement costs.
Suppose that the United States decided to subsidize a major competitive effort by the semiconductor industry to bring to market the next generation computer chip. Under the current rules of the WTO and GATT, the U.S. effort is
A) allowed as long as the subsidies are a small percent of the total cost. B) allowed as long as the subsidies do not involve a direct payment to the industry. C) not allowed. D) allowed as long as the subsidies do not succeed in creating a new product.