When individuals increase their personal wealth through production and exchange, they
A) reduce the wealth of others.
B) increase the wealth of others.
C) must be selfish and greedy.
D) must rely heavily on government intervention and regulation.
B) increase the wealth of others.
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A graph of the value of one variable against the value of another variable is known as a
A) two-dimensional graph. B) three-dimensional graph. C) time-series graph. D) scatter diagram. E) two-variable graph.
The branch of economics that deals with the analysis of the whole economy is called
A) macroeconomics. B) marginal analysis. C) microeconomics. D) metroanalysis.
When the price of a Caesar salad is $5.00, the demand for Caesar salads is elastic, and when the price is $4.00, the demand is inelastic. If Mike's Roadside Restaurant cuts the price from $5.00 to $4.00, its total revenue from Caesar salads ________
A) will increase B) will decrease C) will remain the same D) might increase, decrease, or remain the same
Games can be judged according to the payoffs
A) as zero-sum, negative-sum, and positive-sum games. B) as collusive or noncollusive games. C) as competitive or noncompetitive games. D) whether all companies participate or not.