(I) Historically, countries with colonial settlers who planned on staying for long periods of time set up sound economic institutions. (II) Countries with harsh environments not suitable for permanent settlements resulted in colonial settlers adopting weaker and less productive economic institutions before leaving
a. I is true; II is false.
b. I is false; II is true.
c. Both I and II are true.
d. Both I and II are false.
C
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In the short-run if TR < TC, a perfectly competitive firm will always shut down
a. True b. False Indicate whether the statement is true or false
Following the sharp increases in oil prices in the United States caused by the OPEC oil embargo of 1973-1974, U.S. automakers started building smaller, more fuel-efficient cars. This development caused the
a. demand curve for oil to shift out. b. demand curve for oil to shift in. c. supply curve of oil to shift out. d. supply curve of oil to shift in.
Entrepreneurship
A. Can result in economic losses. B. Always involves greater rewards than risks. C. Occurs in small businesses, but not large corporations. D. Cannot earn an economic profit.
Refer to the information provided in Figure 17.1 below to answer the question(s) that follow. 
Figure 17.1 Refer to Figure 17.1. John has two job offers when he graduates from college. John views the offers as identical, except for the salary terms. The first offer is at a fixed annual salary of $50,000. The second offer is at a fixed salary of $20,000 plus a possible bonus of $60,000. John believes that he has a 50-50 chance of earning the bonus. What is the expected value of John's income for each job offer?
A. $50,000 for the first offer and $50,000 for the second offer B. $50,000 for the first offer and $80,000 for the second offer C. $50,000 for the first offer and $30,000 for the second offer D. $25,000 for the first offer and $50,000 for the second offer