The total variable cost curve ________ because ________ as output increases
A) slopes upward; variable cost increases
B) slopes upward; marginal cost increases
C) slopes downward; variable cost increases
D) slopes downward; marginal cost increases
E) is horizontal; fixed cost does not change
A
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Consider the prisoner's dilemma model where two criminals have two options (confess or deny), and each criminal must make their decision without speaking to the other criminal first
If they both confess they each get 3 years, if only one confesses then he gets 1 and his partner gets 10, and if neither confesses then they each get 0. They are in fact both guilty. In this game, the Nash equilibrium is where A) both confess. B) neither one confesses. C) only one will confess. D) It is impossible to say.
As means of payment currency, credit cards, and debit cards differ according to
A) whether they pay interest. B) whose liability they represent. C) transactions costs. D) all of the above.
Which of the following are most likely to become an endangered species?
A) animals in the wild B) domesticated animals C) animals that people like to keep at home as pets D) animals that people have property rights to own
If Japan could produce more steel in a year than the United States using the same amount of resources, then
a. Japan must have an absolute advantage in producing steel b. the United States must have a comparative advantage in producing steel c. Japan must have a comparative advantage in producing steel d. neither the United States nor Japan will have a comparative advantage in producing steel e. there would be no gains from specialization