If people in Pottsville purchase 20 percent more pickles today than they did in 1980,even though the price of pickles has increased 40 percent since 1980, the demand for pickles in Pottsville
A) does not obey the law of demand.
B) has changed since 1980.
C) is relatively elastic.
D) is relatively inelastic.
E) is unit elastic.
B
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In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal external benefit per unit is
A) zero. B) $20 per unit. C) $50 per unit. D) $70 per unit.
The postwar years:
a. ushered in what has been described as an unthinking materialist culture. b. ushered in what has been described as a consumer-oriented society that represented the fulfillment of the American dream. c. featured an unusual deviation from the long-term trend toward smaller families. d. All of the above are correct. e. Only a and b are correct.
In the prisoner's dilemma setting for stealing and producing, both participants end up __________, which turns out to be ________________________ stolen. The government _________ make both participants better off by changing the payoff matrix
A) stealing; better for them than if they had both not; can B) stealing; worse for them than if they had both not; can C) not stealing; better for them than if they had both; cannot D) not stealing; worse for them than if they had both; cannot
Which of the following economists did not help to develop game theory analysis?
A) Adam Smith B) John Nash C) John von Neumann D) Oskar Morgenstern