Refer to Table 2-17. What is James's opportunity cost of making a wagon?
A) 2 tricycles B) 1/2 of a tricycle C) 3/4 of a wagon D) 1/2 of a wagon
A
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Which of the following statements is true of the process of colonization?
A) Institutions in North America were set up by Europeans. B) Europeans set up similar institutions around the world. C) Residents in all colonies had similar property rights. D) It was characterized by the absence of slavery.
A supply restriction on imported goods, such as the government's restriction of imported oil for many years, is referred to as
A) an export quota. B) an import quota. C) a price floor. D) a price ceiling.
In general, game theory is the study of
a. how people behave in strategic situations. b. how people behave when the possible actions of other people are irrelevant. c. oligopolistic markets. d. all types of markets, including competitive markets, monopolistic markets, and oligopolistic markets.
A business that is owned by one individual is a? __________.
A. master limited partnership B. partnership C. limited liability company D. corporation E. sole proprietorship