A game in which all the players are worse off at the end of the game is a
A) negative-sum game.
B) dominant strategy game.
C) positive-sum game.
D) noncooperative game.
Answer: A
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A point inside a production possibilities curve reflects
a. the law of increasing costs b. technological innovation c. less than full use of resources and technology d. economic efficiency e. a way to increase future economic growth
Which of the following is NOT true about the theory of the dual labor market?
A. It is a class theory of employment. B. The dividing line between the primary and secondary markets is whether you have a college degree. C. Jobs in the secondary market pay better than those in the primary market. D. This theory does not take into account the huge middle level of occupations—nursing, social work, and non-college-graduate positions in insurance, banking, and retailing.
The United States has less income inequality than most other developed countries.
Answer the following statement true (T) or false (F)
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.