What is Calvin’s opportunity cost to produce 4 yards of cloth?
a. 3/4 pound of food
b. 1 pound of food
c. 3 pounds of food
d. 4 pounds of food
c. 3 pounds of food
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The nonrivalrous character of technological ideas suggests that ________
A) patent law protection is ultimately inefficient B) technological change follows a logarithmic pattern C) technology developed in one industry, e.g. the vodka industry, cannot be used in another industry, e.g. the automobile industry D) ideas can be used over and over again
The economist in the 1930s who is credited with key insights into causes of economic downturns was:
A. John Maynard Keynes B. Ben Bernanke C. Adam Smith D. David Ricardo
According to Keynes, a pessimistic outlook causes consumers and businesspersons to ____, and a recession could occur.
A. increase planned investment B. decrease planned spending C. increase exports D. decrease imports E. decrease saving
A coordination problem usually occurs in situations where there is:
A. more than one Nash equilibrium. B. a unique, secure strategy for both players. C. no Nash equilibrium in a game. D. a unique, but undesirable Nash equilibrium.