With respect to production, the short run is best defined as a time period
A) lasting about six months.
B) lasting about two years.
C) in which all inputs are fixed.
D) in which at least one input is fixed.
D
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The opportunity cost of owning a car is
A. the price of the car. B. filling the tank twice a week. C. the cost of getting your car inspected once a year. D. the vacation to Hawaii you had to give up in order to make your car payments.
Institutions that channel funds from suppliers of financial capital to users of financial capital are referred to as:
A) deposit insurance committees. B) financial intermediaries. C) central banks. D) mutual funds.
In order to explain the relative sizes of families in urban versus rural environments, some economists viewed children as investment or durable consumptions goods, respectively
Indicate whether the statement is true or false
A surprising outcome of the Rock-Paper-Scissors game is that
A) it is a clear example of a first mover advantage. B) there is no pure-strategy Nash equilibrium. C) it is best not to play the game. D) it is a good way to determine who goes first in a sequential move game.