Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.
Figure 2.3Refer to Figure 2.3. The law of ________ opportunity costs is best depicted by the production possibilities frontier in Panel A.
A. increasing
B. constant
C. decreasing
D. zero
Answer: A
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If people have identical tastes, then the economic rent created by a common property is
a. zero. b. as large as possible. c. positive, but not as large as possible. d. negative.
Modern banks in the United States can keep reserves as:
A. commodity money only. B. a deposit at the Federal Reserve. C. gold. D. in accounts with other banks.
The dilemma in a prisoner's dilemma is that:
A. the players would be better off if they both played a dominated strategy. B. only one player has a dominant strategy, but the other player is uncertain about what to do. C. the outcome is random, so players are uncertain about which strategy to play. D. the players may be trapped in a game they don't know how to play.
Refer to the graph shown.
The poorest 25 percent of the families earn:
A. 36 percent of the income. B. 19 percent of the income. C. 6 percent of the income. D. 64 percent of the income.