Recall the Application about the economics professor who caught three students cheating on their final exam to answer the following question(s).Recall the Application. After being caught cheating, the economics professor called each student into his office individually. One student remarked "This feels like you put me in a prisoners' dilemma game." If this cheating episode resulted in the same way as the prisoners' dilemma, then:
A. none of the students would confess to cheating.
B. only one student would confess to cheating.
C. two of the students would confess to cheating.
D. all three students would confess to cheating.
Answer: D
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What is a centrally planned economy?
What will be an ideal response?
Recessions in the U.S. economy show up in economic data as periods of
A) declining prices. B) rising interest rates. C) slower growth or actual decline in nominal GDP. D) slower growth or actual decline in real GDP.
For corporate taxes, the lowest tax bracket is
A. 9 percent. B. 12 percent. C. 15 percent. D. 22 percent.
Fab Tools Inc can produce 150 widgets and 100 axes in a month. Another company AllMyTools Inc can produce 80 widgets and 50 axes per month. Which of the following statements is true?
a. Fab Tools has an absolute advantage in production of both goods. b. AllMyTools has an absolute advantage in production of both goods. c. AllMyTools has a comparative advantage in production of axes. d. Fab Tools has a comparative advantage in production of widgets only.