Which of the following would be counted as investment in the national income accounts?
A. The purchase of a newly issued stock
B. The purchase of a newly built apartment house
C. The purchase of a newly minted coin
D. The payment of tuition at a private college
Answer: B
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The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Is this game a prisoner's dilemma?
A. Yes, because if both firms played their dominant strategy, they each would earn a higher payoff than when they both play their dominated strategy. B. No, because cheating yields the highest payoff for both firms. C. Yes, because if both firms played their dominated strategy, they each would earn a higher payoff than when they both play their dominant strategy. D. No, because neither firm has a dominant strategy.
The principle of comparative advantage was first explained by David Ricardo in the early 1800s.
Answer the following statement true (T) or false (F)
A small business owner who is earning a positive economic profit, no matter how small, is doing better than if he or she sold his or her business and went to work for another firm.
Answer the following statement true (T) or false (F)
Which of the following is concerned with social regulation?
A. Federal Reserve Board B. Food and Drug Administration C. Sherman Commission D. Better Business Bureau