A production process is a specific combination of resources used to produce a good or service.
Answer the following statement true (T) or false (F)
True
The production process is a specific combination of resources used to produce a good or service.
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What does the sign (positive/negative) of the income elasticity tell us about a good?
What will be an ideal response?
If the demand for high definition televisions increases and the supply of high definition televisions increases, then
A) it is clear that prices will increase; the change in the quantity of televisions sold is ambiguous. B) it is clear that prices will decrease; the change in the quantity of televisions sold is ambiguous. C) it is clear that quantity sold will increase; the change in the price of televisions is ambiguous. D) it is clear that quantity sold will decrease; the change in the price of televisions is ambiguous.
If intended investment is $2 billion, and unwanted inventory is $0, then we know that all of the following statements are true except
a. consumption spending is $2 billion b. saving = $2 billion c. actual investment = $2 billion d. the economy is in equilibrium e. national income equals aggregate expenditure
Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice. 
This game:
A. is not a prisoner's dilemma. B. has no Nash equilibrium. C. is a prisoner's dilemma. D. is an ultimatum bargaining game.