Refer to Figure 4.8. The game described in the payoff graph has the characteristics of a(n) ________ game
A) assurance
B) prisoner's dilemma
C) chicken
D) pure coordination
D
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Those costs implied by alternatives given up are
a. explicit costs. b. historical costs. c. outlay costs. d. implicit or opportunity costs.
Suppose you plan on eating 50 potato chips. As you start consuming potato chips, your marginal utility is very high, but it begins to fall slowly until you’ve eaten 10 chips. After you have eaten 10 chips, your marginal utility decreases even faster with each additional chip. Marginal utility continues to decline until you’ve eaten 49 chips. The fiftieth chip does not give you any additional utility. After 50 chips, your mouth gets so salty that it is unpleasant to eat any more, so marginal utility is actually negative for those chips. How many chips should you eat in order to maximize your total utility?
a. 1 b. 10 c. 49 d. 51
Real business cycles are mostly a result of
A. shocks to the aggregate supply side of the economy. B. abrupt changes in monetary policy. C. increases in the budget deficit and national debt. D. discretionary fiscal policy.
For you to be considered not in the labor force, you can be
A. a full-time volunteer. B. a full-time retiree. C. a full-time student. D. any of the above.