If good 1 is essential for one person but not for the other, the first person will end up with all of good 1 in a competitive equilibrium within the Edgeworth Box.
Answer the following statement true (T) or false (F)
False
Rationale:
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Refer to Figure 2. All else equal, a major paper manufacturer filing for bankruptcy and shutting down as a result of an IRS tax evasion investigation would cause a move from
a. x to y. b. y to x. c. SA to SB. d. SB to SA
An increase in the supply of the product implies:
a. producers will now charge a higher price for a given quantity of output. b. the supply curve will shift to the left. c. some producers are dropping out of this market. d. producers will now charge a lower price for a given quantity of output. e. the price of this product has increased.
The set of collectively held beliefs, values, and norms among the members of a firm that influence individual behavior is referred to as
A) network values. B) horizontal values. C) implicit contracts. D) corporate culture.
Which set of changes is definitely predicted to lower Real GDP in the short run?
A) The money supply rises and labor productivity rises. B) The U.S. dollar depreciates and wage rates fall. C) The U.S. dollar appreciates and labor productivity rises. D) Foreign real national income falls and wage rates rise. E) none of the above