Any increase in efficiency increases only profits of producers, with no increase in output
a. True
b. False
Indicate whether the statement is true or false
False
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An efficient way to move toward the Nash equilibrium is called:
a. an agreement. b. a convention. c. a principle. d. a resolution. e. a convergence.
Suppose Gina gives up a job paying $30,000 a year so that she can start her own pizza business. She takes $100,000 from her savings account (which paid a 6 percent rate of interest) to pay for equipment, materials and labor, and after one year her total revenue is $70,000 . Gina's profit-related income is
a. $70,000 b. $40,000 c. $34,000 d. $30,000 e. $6,000
Which of the following is one of the basic reasons why economists often appear to give conflicting advice to policymakers?
a. similar opinions about the validity of economic theories b. significant differences in education c. differences in personal values d. a reliance on normative statement for research theories
Many persons opposed to wealth redistribution maintain that taxing the “winners” of the economic game provides incentive to __________.
A. save more money instead of spending it B. Make even more money to replace the money taxed away C. avoid risk-taking and more wealth creation