A game in which players collectively gain is known as a
A) zero-sum game.
B) positive-sum game.
C) negative-sum game.
D) cooperative game.
Answer: B
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All of the following are understandable economic reasons for reductions in consumer spending on durable goods except
A) economic uncertainty. B) increases in personal income taxes. C) declines in wealth levels. D) falling interest rates.
Decreasing marginal returns
A) can be avoided if a firm watches costs. B) affect all firms, but at different production levels. C) affect all firms at the same level of production. D) disappear when the firm produces a large enough level of output. E) mean that the average product of labor starts as a negative number and then becomes positive.
Pick the scarce good below with the completely inelastic demand curve
A) Clean air B) Clean water C) Tropical rain forests D) Well-maintained national-forest fisheries E) Trick question: none of the above goods have a completely inelastic demand curve.
Explain what change will bring a shift of a curve
What will be an ideal response?