If additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be linear
Indicate whether the statement is true or false
TRUE
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If penalties are imposed only on the buyers of illegal drugs, the equilibrium price of illegal drugs will ________ and the equilibrium quantity will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
Repetition of a game
A) yields the same outcome, over and over. B) can result in behavior that is different from what it would be if the game were played only once. C) is not possible. D) makes cooperative games into non-cooperative games. E) is possible only if the payoffs in the matrix change.
Unions typically ____ deregulation because it generally makes pricing ____ competitive
a. oppose; more b. oppose; less c. support; more d. support; less
You put money into an account. One year later you see that you have 5 percent more dollars and that your money will buy 6 percent more goods
a. The nominal interest rate was 11 percent and the inflation rate was 5 percent. b. The nominal interest rate was 6 percent and the inflation rate was 5 percent. c. The nominal interest rate was 5 percent and the inflation rate was -1 percent. d. None of the above is correct.