Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown Harlingen, Texas ________ an acre of land in downtown Chicago, Illinois.
A. would cost exactly the same as
B. would most likely cost less than
C. would most likely cost more than
D. should cost approximately the same as
Answer: B
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A Prisoners Dilemma illustrates the fact that
a. Rational choices can lead to inefficient outcomes
b. Rational choices always leads to good outcomes
c. Rational choices always lead to inefficient outcomes
d. None of the above
What is one reason a gambler might bet $1,000 that a team that is ranked sixteenth will win the NCAA basketball tournament?
A) irrationality B) overconfidence C) exuberance D) gambler's fallacy
A firm's ______ connects all the input combinations with the same price.
A. cost function B. isoquant C. budget constraint D. isocost line
Suppose that velocity rises while the money supply stays the same. It follows that
a. P x Y must rise. b. P x Y must fall. c. P x Y must be unchanged. d. the effects on P x Y are uncertain.