The principle of ________ is that the economic cost of using a factor of production is the alternative use of that factor that is given up
A) marginal cost B) normative economics
C) entrepreneurship D) opportunity cost
D
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The players of prisoner's dilemma-type games:
A. would be much better off if they could cooperate. B. have an incentive to never cooperate. C. have a dominant strategy to never cooperate. D. All of these statements are true.
The Fed
a. issues currency but has little control over U.S. monetary policy b. serves as the central bank for the United States c. levies a variety of taxes—from sales tax to direct income tax—to control the money supply d. ensures commercial bank profitability to stabilize the money economy e. bails out savings and loans on a regular basis
If the government removes a binding price floor from a market, then the price paid by buyers will
a. increase, and the quantity sold in the market will increase. b. increase, and the quantity sold in the market will decrease. c. decrease, and the quantity sold in the market will increase. d. decrease, and the quantity sold in the market will decrease.
Refer to the information provided in Figure 1.4 below to answer the question(s) that follow.
Figure 1.4Refer to Figure 1.4. Panel B shows a curve which has a slope that is
A. zero throughout. B. infinite throughout. C. first negative and then positive. D. first positive and then negative.