If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Japan to produce wristwatches.
Answer the following statement true (T) or false (F)
False
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As defined by Thomas Schelling, a "strategic move" is
A) any strategy choice in a game. B) any strategy choice consistent with Nash equilibrium. C) any strategy choice in a sequential game. D) a strategy choice that influences the subsequent strategy choice of another player. E) a strategy choice that restricts the set of outcomes available to another player.
The average duration of unemployment tends to be longer, the higher the unemployment rate
a. True b. False Indicate whether the statement is true or false
The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. We might expect that
a. over time, the aquifer is likely to be overused. b. each farmer has a sufficient incentive to conserve the water. c. state governments have an incentive to insure that their farmers do not overuse the water. d. resources would be used more efficiently if the government paid for the pumps farmers use to get the water.
As capital per worker rises, output per worker rises. However, this increase in output per worker is smaller at smaller levels of existing capital per worker
a. True b. False Indicate whether the statement is true or false