Mr. McConaughey has the afternoon, 5 hours, to spend doing whatever he wants. How much time does Mr. McConaughey spend with his friends and family and how much time does he spend breaking a sweat to maximize his total utility?
A) 3 hours with friends and family and 2 hours breaking a sweat
B) 2 hours with friends and family and 3 hours breaking a sweat
C) 0 hours with friends and family and 5 hours breaking a sweat
D) 3 hours with friends and family and 4 hours breaking a sweat
B
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In a game, a Nash equilibrium is reached only if the players:
A) understand the game and the payoffs associated with each strategy. B) follow a mixed strategy. C) use backward induction method to develop their strategies. D) have no best response for the choices made by other players.
What is one problem with trying to regulate a monopoly's price?
A) The government needs information on the monopoly's marginal cost. B) The government needs information on the price people are willing to pay. C) The government needs to identify which firm is a monopolist. D) Anything that the government does is problematic.
Suppose that, given the same number of workers, the United States can produce five times as many computers or 10 times as many airplanes as Mexico. Which of the following statements is true?
A. The United States has an absolute advantage in the production of computers, and Mexico has an absolute advantage in the production of airplanes. B. The United States has an absolute advantage in the production of airplanes, and Mexico has an absolute advantage in the production of computers. C. The United States has an absolute advantage in the production of both airplanes and computers. D. Mexico has an absolute advantage in the production of both airplanes and computers.