Superstar professional athletes can sustain their economic rents because:
A. team owners will pay anything to win a championship.
B. they are represented by highly-skilled agents.
C. they have unique talents that they can sell to the highest bidder.
D. their opportunity costs of playing their sport are high.
Answer: C
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Consider two countries—A and B. Economy A is a command economy, while economy B is a market economy. Given this information, which of the following statements is likely to be true?
A) Both economies are likely to grow at the same rate. B) Both economies are likely to stagnate without any increase in GDP. C) Institutions in economy A are likely to be more inclusive than institutions in economy B. D) Institutions in economy B are likely to be more inclusive than institutions in economy A.
China is a large open economy with an extraordinarily high saving rate
If, as seems likely, there is a decrease in desired saving in the coming years, what effects should we expect to see on China's trade balance (net capital flow), domestic real interest rate, and actual levels of saving and investment?
Liberals believe
a. that the government should choose just policies as evaluated by an impartial observer behind a "veil of ignorance.". b. in the assumption of diminishing marginal utility. c. that everyone in society should have equal utility. d. that the government should not redistribute income.
Consider the two options in the following table, both of which have random outcomes:
a. Determine the expected value of each option.
Expected value of Option 1: $ 450
Expected value of Option 2: $ 450