Refer to Figure 4.1. Suppose Alvin chooses Bottom, while Simon chooses Up, and Theodore chooses Right. Alvin's payoff will be
A) 2.
B) 6.
C) 8.
D) 16.
C
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Describe the circular flow of the economy by discussing the two markets where households and firms meet
What will be an ideal response?
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two bidders, and both have high values, she would earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70
Which of the following statements is true?
a. A sales tax on food is a regressive tax. b. The largest source of federal government tax revenue is individual income taxes. c. The largest source of state and local governments tax revenue is sales and excise taxes. d. All of the above are true. e. None of the above are true.
Economists refer to the simple relationship between consumption and disposable income as:
a. autonomous consumption. b. the marginal propensity to consume. c. the absolute disposable income hypothesis. d. disposable income. e. the consumption function.