According to the matrix shown, the outcome of the "game" will be:
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
A. both firms will collude and act like a joint monopolist.
B. both firms will compete.
C. Firm A will compete and Firm B will collude.
D. Firm B will compete and Firm A will collude.
B. both firms will compete.
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All of the following location characteristics can result in higher worker salaries except which one?
A) unpleasant work conditions B) poor climate C) low cost of living D) long commute time
If Sabrina exchanges dollars for Japanese yen, she
a. causes the balance of payments to become unbalanced, in the short run b. engages in arbitrage c. supplies yen on the foreign exchange market d. supplies dollars on the foreign exchange market e. first demands dollars then uses them to buy Japanese goods which can be converted into yen
Bitcoin is a:
a. Virtual currency that can be converted freely into a wide variety of real-world (legal tender) currencies. b. Virtual currency that keeps track of owners and users by means of a clearing house called Mt. Gox. c. Virtual currency that publishes all Bitcoin-related domestictransactions online but keeps its international transactions confidential. This has led to Bitcoin's widespread use for illegal international (not domestic) transactions. d. All of the statements above are true.
Which of the following is true regarding opportunity cost?
a. Opportunity cost of engaging in some activity, such as attending opera, will be same for different people. b. Opportunity cost has nothing to do with scarcity and time. c. Opportunity cost may vary with circumstances. d. Opportunity cost of the chosen item is the value of all the alternatives that are foregone.