The reason that opportunity costs arise is that
A. there are no alternative decisions that could be made.
B. an economy relies on money to facilitate exchange of goods and services.
C. people have limited wants.
D. resources are scarce.
Answer: D
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In reality, reliable information is usually costly for both consumers and producers
Indicate whether the statement is true or false
Refer to the accompanying table. The marginal utility of consuming the 2nd apple is:Number of ApplesTotalUtility120235345450545
A. 35. B. 20. C. 10. D. 15.
The real interest rate is
A. The inflation rate minus the percentage increase in average wages. B. The sum of inflation rates and unemployment rates. C. The nominal interest rate minus the anticipated rate of inflation. D. The difference between the prime rate and the rate charged by the government (the Federal Reserve) on loans.
In the Battle of the Sexes game, Man likes to go to watch football, while Woman likes to go to the mall. Both of them would rather go together than go alone. They decide to show up to one of these places without contacting each other. A game like this will have
A. no Nash equilibrium strategies. B. one dominant strategy for both the players. C. a Nash equilibrium in mixed strategies. D. a dominant strategy for Man and none for Women.