Refer to the above figure. If flow (1) is the cost businesses pay to the resource market, then:
A. (4) is the flow of goods and services.
B. (6) is the flow of money income.
C. (7) is the flow of revenue.
D. (2) is the flow of productive resources.
Answer: D
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Assume MUc and MUd represent the marginal utilities that Alyssa receives from the consumption of products C and D, respectively. Given a fixed budget, Alyssa could increase her total utility by spending more on C and less on D if initially
A. 
> 
B. MUd > MUc
C. MUd < MUc
D. 
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An ultimatum game is:
A. one in which one player makes an offer and the other player has the simple choice of whether to accept or reject. B. one in which one player makes an offer and the other player has the choice of whether to accept or offer a counteroffer. C. a repeated sequential game. D. the only game played by unions in reality.
A downward-sloping portion of a long-run average total cost curve is the result of:
a. economies of scale. b. diseconomies of scale. c. diminishing returns. d. the existence of fixed resources.
The tradeoffs faced by a society can be illustrated in a graph known as the:
a. production operations curve. b. production cost curve. c. production cost model. d. production cost forecast curve. e. production possibilities curve.