The decision concerning how the dollars left over from a defense cutback will be distributed is an example of
A. An implementation problem.
B. A velocity problem.
C. A design problem.
D. A goal conflict.
Answer: D
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When one person knows more than another, it creates a situation:
A. in which the transaction is always regretted. B. called information asymmetry. C. in which the transaction will not occur. D. called information dominance.
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary will only trade if the equilibrium price is less than $1. B. Joe and Mary will not trade in equilibrium. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary cannot make a mutually beneficial exchange.
Exhibit 2-1 Production possibilities curve data ConsumptionGoods CapitalGoods 10 0 9 1 7 2 4 3 0 4 In Exhibit 2-1, according to the information, the opportunity cost of producing the 3rd unit of capital is:
A. 3 units of consumption goods. B. 4 units of consumption goods. C. 6 units of consumption goods. D. 7 units of consumption goods.
Opportunity cost theory suggests that a nation has
A) A comparative advantage in the good with the lower opportunity cost. B) An absolute advantage in the production of the good with the lowest opportunity cost. C) No advantage in the production of any good with an opportunity cost. D) None of the above.