The internet has changed how people shop for clothes, electronics, and other goods. Because of online shopping, many retailers have closed or shut down. How has this affected goods like clothes?
A. The supply of goods like clothes will decrease.
B. The demand for goods like clothes will increase.
C. The supply of goods like clothes will increase.
D. The demand for goods like clothes will decrease.
Answer: C
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The payoff matrix below shows the daily profit for two firms, Row Restaurant and Column Cafe, for two different strategies, publishing coupons in the student paper and not publishing coupons in the student paper. 
The payoffs of this game are such that:
A. both firms would benefit from a law that made publishing coupons illegal. B. an agreement not to publish coupons would be easy to maintain because neither firm has an incentive to defect. C. profit at each firm is higher when they both follow their dominant strategy than when they both follow their dominated strategy. D. if Row Restaurant expects Column Cafe to choose its dominant strategy, then Row Restaurant should choose its dominated strategy.
The opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany. If the nations split the difference between the willingness to pay and the willingness to accept, the terms of trade are 3 wristwatches per wall clock
Indicate whether the statement is true or false
Refer to Table 5.1. What is Andrea's opportunity cost of producing one bracelet?
A) 1/6 of a tiara B) 2/3 of a tiara C) 6 tiaras D) 7.5 tiaras
Which of the following equations best represents the concept of constant returns to scale?
A) 3Y = AF(3K, 3L) B) 2Y = 2AF(2K,2 L) C) 1/4Y = (AF / 4 )(4K, 4L) D) 5Y = [AF(K, L)] / 5