Economics is the study of how
A) people become selfish.
B) preferences are determined.
C) psychology influences preferences.
D) people make choices.
Answer: D
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A product's price elasticity of demand depends critically on the availability of substitutes
Indicate whether the statement is true or false
Since the period following World War II (the early 1950s), the proportion of most countries' production being used in some other country
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
When a prisoners' dilemma game is repeated a finite number of times (T)
A) cooperation unravels during the first round of the game, resulting in the static game Nash equilibrium. B) cooperation continues until the T-2 round, where the players will switch to a non-cooperative Nash equilibrium. C) firms cooperate and achieve the collusive Nash equilibrium for all rounds. D) None of the above.
One year a country has negative net exports. The next year it still has negative net exports and imports have risen more than exports
a. its trade surplus fell. b. its trade surplus rose. c. its trade deficit fell. d. its trade deficit rose