Refer to Figure 8.11. If Barney got to move first instead of Fred, the path of the game would be:
A. Barney stays out and Fred chooses a large quantity.
B. Barney enters and Fred chooses a large quantity.
C. Barney stays out and Fred chooses a small quantity.
D. Barney enters and Fred chooses a small quantity.
Answer: D
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During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300
In terms of dollars, the opportunity cost of attending summer school is A) $10,300. B) $6,000. C) $4,300. D) $3,300.
To maximize its profit, a bank will: a. minimize the number transactions it engages in. b. maximize required reserves
c. minimize excess reserves. d. maximize excess reserves. e. minimize required reserves.
The effect throughout the entire economy of one individual's increase in spending will be
a. less than the individual's spending. b. equal to the individual's spending. c. greater than the individual's spending. d. offset by another individual's saving.
In order to promote growth in living standards, policymakers must
a. protect property rights. b. maintain political stability. c. encourage the accumulation of factors of production. d. All of the above