A worsening of a country's terms of trade means that its export prices are falling relative to its import prices
Indicate whether the statement is true or false
T
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Consider two individuals, Kevin and Harris, who discount delayed utilities with a weight of 1/2 and 3/4, respectively
a) Who between the two individuals gives more weight to things that happen in the future? b) If consuming ice cream gives both Kevin and Harris benefits worth 8 utils instantly and has delayed costs of 15 utils, then comment on whether both individuals will want to consume ice cream. c) If the nearby ice cream parlor is closed for a week, will Kevin and Harris prefer to eat ice cream after a week, given that they have to decide today?
Because many business situations are repeated games, firms may be able to avoid the prisoner's dilemma and implicitly collude to keep prices high
Indicate whether the statement is true or false
Refer to Figure 8.3. Holding other variables constant, a decrease in households' wealth accompanied by an increase in the capital stock will definitely result in
A) an increase in the equilibrium quantity of labor. B) a decrease in the equilibrium quantity of labor. C) an increase in the equilibrium real wage. D) a decrease in the equilibrium real wage.
Under the U.S. patent system, a patent application must provide evidence that the invention works and that is based on another invention.
Answer the following statement true (T) or false (F)