The prisoners' dilemma provides insights into the
a. difficulty of maintaining cooperation.
b. benefits of avoiding cooperation.
c. benefits of government ownership of monopoly.
d. ease with which oligopoly firms maintain high prices.
a
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A group of buyers and sellers of a particular good or service is called a(n)
a. coalition. b. economy. c. market. d. competition.
Christine is an artist who creates custom cookie jars. Her annual revenue from selling the cookie jars is $90,000 . The annual explicit costs of the materials used to make the cookie jars are $54,000 . Christine used $5,000 from her personal savings account to buy pottery tools for her business. The savings account paid 1% annual interest. Christine could earn $6,000 per year as a tax preparer
What is the annual economic profit of her cookie jar business? a. $36,000 b. $35,950 c. $30,000 d. $29,950
If the supply of loanable funds shifts right, then the equilibrium
a. interest rate falls, so domestic residents will want to purchase more foreign assets. b. interest rate falls, so domestic residents will want to purchase fewer foreign assets. c. interest rate rises, so domestic residents will want to purchase more foreign assets. d. interest rate rises, so domestic residents will want to purchase fewer foreign assets.
For a macroeconomist, the case for aggregation is based on two principles—(1) the composition of demand and supply may not matter for some purposes and (2)
A. during fluctuations markets normally move together. B. individual markets allocate resources efficiently. C. inflation, unemployment, and growth never go together. D. individual markets distribute income efficiently.