A good is path dependent when
A) it can only be used in one way.
B) people who move location follow the path of people who moved before them.
C) consumers get utility from consuming goods that others are consuming, such as restaurants.
D) the first technology that was adopted has an advantage over a better technology that came later.
D
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Implicit costs are
A. always greater in the short run than in the long run. B. composed entirely of variable costs. C. opportunity costs of using owned resources. D. equal to total fixed costs.
Two teams played a game called Thai 21 on an episode of the television show Survivor. Call the teams Green and Red. The game begins with 21 flags. The teams take turns. When it is a team's turn, it can remove one, two, or three flags
The team that removes the last flag wins. Green goes first. Who should win this game, Green or Red?
In the Friedman "Fooling Model" if P(e) is less than P then the labor supply curve in Figure 17-1 above
A) shifts leftward when workers realize their error. B) always shifts rightward. C) initially remains the same. D) Both A and C are correct.
The unemployment resulting from wage rigidity and job rationing is called:
A. the natural rate of unemployment. B. the discouraged-worker effect. C. structural unemployment. D. insiders versus outsiders.