John Maynard Keynes was the author of the book, The Economics of Welfare, which first addressed environmental problems in terms of externalities
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 14-2. Is the current strategy in which each firm charges the low price and earns a profit of $7,000 a Nash equilibrium? If not, why and what is the Nash equilibrium?
A) No, it is not a Nash equilibrium because each firm can do better by charging the high price. The Nash equilibrium occurs when each firm charges the high price and earns a profit of $10,000. B) No, the current situation is not a Nash equilibrium. The Nash equilibrium for each firm is to have the other charge a high price and for the firm in question charge a low price. C) Yes, the current situation is a Nash equilibrium. D) No, the current situation is not a Nash equilibrium; it is a dominant strategy equilibrium. There is no Nash equilibrium in this game.
Why do skilled workers earn relatively higher wages than unskilled workers?
a. The marginal productivity of skilled workers is low. b. The marginal cost of hiring skilled workers is low. c. The supply of skilled workers is relatively less. d. There is an abundant supply of skilled workers. e. The marginal cost of hiring unskilled workers is high.
Barter can best be defined as:
a. the direct exchange of one good for money. b. the direct exchange of money for a good. c. the direct exchange of goods and services without the use of money. d. the direct exchange of labor services for wages. e. the payment of interest on a savings account.
Which concept compares the share of total wealth in society that is received by different groups?
a. Income inequality b. Poverty line c. Poverty rate d. Financial distribution