By convention, there are two major divisions of economics, called:
A. rational economics and irrational economics.
B. marginal benefit and marginal cost.
C. microeconomics and macroeconomics.
D. reservation price and opportunity cost.
Answer: C
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Lisa decided to give up being on the soccer team for piano lessons. Her opportunity cost of pursuing piano lessons is
A) zero, as long as someone other than Lisa pays for the lessons. B) zero, as long as someone other than Lisa paid for her soccer fees and equipment. C) the satisfaction Lisa had enjoyed by being on the soccer team. D) the satisfaction Lisa enjoys by studying the piano. E) both A and B above.
The government of Genovia introduced an unemployment insurance that ensures full payment of former wages to unemployed workers
A study conducted a few months after the introduction of this policy showed that several unemployed workers in Genovia were not actively searching for work. Such behavior is an example of ________. A) adverse selection B) moral hazard C) the prisoners' dilemma D) the free-rider problem
Which economist defined the characteristics of an ideal voting system in his book Social Choice and Individual Values?
A. Gary Becker B. Kenneth Arrow C. Dean Karlan D. Jonathan Morduch
A game in which players collectively gain is known as a
A) zero-sum game. B) positive-sum game. C) negative-sum game. D) cooperative game.