According to the model of voting developed in the? chapter, the choices made by government match the preferences of the median voter.

The law of diminishing marginal returns shows the relationship between

A. accounting and economic profits." B. inputs and outputs for a firm in the long run. C. inputs and outputs for a firm in the short run. D. short run inputs and long run outputs for a firm

The international trade of goods within the same industry is called

a. inter-industry trade. b. intra-industry trade. c. splitting up the value chain. c. splitting up the supply chain.

Suppose that Philip is the best contractor in town, and he makes $400,000 a year. Suppose that Julia Roberts is the best and highest paid actress in Hollywood, and she makes $13 million per movie. Both are the best in their respective fields of work. One reason for the significant difference in incomes has to do with the nature of the service each offers. Philip's contracting services

a. can be provided to an unlimited number of customers in a year, but Julia's work is sold to only a few individuals in a year. b. can only be provided to a limited number of customers in a year, but Julia's work is sold to millions of individuals in a year — i.e., to anyone who has the willingness and ability to pay for admission to her movies. c. can be provided to a unlimited number of customers in a year, and Julia's work is sold to millions of individuals in a year — i.e., to anyone who has the willingness and ability to pay for admission to her movies. d. can only be provided to a limited number of customers in a year, and Julia's work is sold to only a few individuals in a year.

What types of "rules" are a part of the rules of the game?

a. laws b. customs c. manners d. all of the above are parts of the rules of the game in economic systems