In Europe during the 14th century, the Black Plague killed 24 million people or close to 37 percent of the population. How would this affect the production possibilities curves for the countries of Europe at that time?
a. The production possibilities curves for these countries would have shifted outward.
b. The production possibilities curves for these countries would have shifted inward.
c. The production possibilities curves for these countries would have been unaffected.
d. This would have been illustrated by a movement along the production possibilities curves for these countries, but it would not have shifted them.
b
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Refer to the following payoff matrix:Player 1Player 2??Low QHigh Q?Low Q$50,$5$15,$30?High Q$40,$2$2,$1The Nash equilibrium for the simultaneous-move game depicted in the payoff matrix is:
A. {(A,a)}. B. {B,b)}. C. {(A,a) and (A,b)}. D. There is no pure strategy Nash equilibrium to this game.
The prospective gain per season to an owner from recruiting a new star player is that player's
A. reservation wage. B. capital value. C. marginal revenue product. D. marginal cost.
When a group of workers forms a union, they introduce an element of
A. monopoly into the product market. B. pure competition into the labor market. C. monopoly into the labor market. D. monopsony into the product market.
Use the following graph showing the domestic demand and supply curves for a specific product in a hypothetical nation called Marketopia to answer the next question.
At what price will Marketopia be neither importing nor exporting the product?
A. $2.50 B. $1.00 C. $1.50 D. $2.00