In the market for production, households offer resources like _____ in return for _____
a. labor; income
b. land; profit
c. land; human capital
d. labor; revenue
a
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Refer to Figure 4.2. The dominant strategy for Sloane is to
A) go to the movie theater. B) go to the bowling alley. C) go to either the movie theater or to the bowling alley. D) Sloane does not have a dominant strategy.
Suppose that choice sets are convex but we tastes may or may not be convex. (Assume all our other usual assumptions about tastes hold.) The first order conditions of the constrained utility maximization problem are then
A. necessary conditions for a true optimum. B. sufficient conditions for a true optimum. C. necessary and sufficient conditions for a true optimum. D. none of the above.
Refer to Figure 9-2. Without the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
In the foreign exchange market, the quantity supplied of dollars is 300 whereas the quantity demanded of dollars is 500 results in a:
A) balance of payments surplus of 200. B) balance of payments deficit of 200. C) balance of payments surplus of -200. D) balance of payments deficit of -200.