Refer to the table. In a choice between the highway and the lighthouse:
A. a majority of voters favor the lighthouse.
B. a majority of voters favor the highway.
C. the voters are indifferent as between the two.
D. no voter decision is possible.
B. a majority of voters favor the highway.
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Behaving strategically:
A. means recognizing that the actions of others will affect the trade-offs you face, and acting accordingly. B. is an essential part of game theory. C. involves rational decision making. D. All of these statements are true.
A basic model of a business firm in economics assumes that its management cannot improve on the technology that transforms inputs like labor and energy into output. This assumption helps them to understand the choice of:
a. input levels that minimize cost. b. output levels that minimize cost. c. output levels that maximize profits. d. input levels that maximize profits.
If the city mayor would perform mayoral duties for $10,000 because he just loves the limelight, but the salary for the position is $45,000 . then the mayor is earning
a. $10,000 rental income b. $35,000 professional rent c. $45,000 differential rent d. $35,000 wage-related rent e. $10,000 wage-related rent
Proponents of the fixed exchange rate system argue that
A) flexible exchange rates may promote international trade, but under a fixed exchange rate system at least we know what the rates will be from day to day. B) under a flexible exchange rate system, there is too great a chance that the exchange rate will diverge from the equilibrium exchange rate. C) under a flexible exchange rate system, there is no way of knowing what the exchange rate is at any particular point in time. D) under a fixed exchange rate system, there would be only one currency. E) none of the above