Two goods are substitutes when
A) an increase in the price of one reduces the demand for the other.
B) an increase in the price of one raises the demand for the other.
C) the two goods are used together.
D) the two goods have the same price.
B
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Official poverty rates in the last 40 years have
A) fallen dramatically. B) risen dramatically. C) stayed roughly the same. D) been eliminated.
Globalization refers to a process involving many complex elements, one of which is that
a. the time it takes for goods, people, information, and money to flow across borders is expanding. b. lower transportation costs mean cheap labor in distant places can be exploited. c. the world is increasingly defined by separate markets rather than one dominant market. d. international trade decreases relative to domestic trade.
Cost curves shift if i. technology changes. ii. the prices of factors of production change. iii. productivity changes
A) only i B) i and iii C) only ii D) i and ii E) i, ii, and iii
Refer to the payoff matrix below.Player 1Player 2??t1t2t3?S120,015,15,-100?S220,20010,05,-50The dominant strategy of Player 1 is:
A. S2. B. S1 and S2. C. S1. D. A dominant strategy does not exist.