Which of the following statements is FALSE?
A) disposable income - saving = consumption
B) consumption + saving = disposable income
C) saving = disposable income - consumption
D) consumption = saving - disposable income
D
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Refer to Scenario 11.1. Suppose all five ranchers know that their land that Mariana needs is worth a total of $2 million
If each rancher agrees to sell his or her parcel of land to Mariana for $600,000, the logical outcome in this situation is for the railway ________ , and the benevolent social planner is ________. A) to be built; pleased B) to be built; indifferent C) not to be built; unhappy D) not to be built; indifferent
In the "Prisoners' Dilemma" game: a. When the prisoners follow their dominant strategy and confess, both will be worse off than if each had remained silent. b. a player would be better off if he did not confess and the other player confessed
c. a player would be better off if both he and the other player confessed. d. None of the above is true.
In a perfectly competitive industry,
a. the market price is determined at the intersection of the market supply and demand curves b. the typical firm will just break even in the short run c. a rise in the market price will attract new entrants d. economics profits are a signal for new consumers to enter e. each firm faces the downward sloping market demand curve
Refer to the table at right. If the price is? $6 the maximum profit this firm could earn is:
A. ?$414. B. ?$420. C. ?$630. D. ?$210.