The financial crisis and recession which began in 2007
A) was only severe in the United States. B) impacted only low-income countries.
C) had a global impact. D) impacted only high-income countries.
C
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Oscar and Felix are the only firms that clean offices in a large city. They agree to operate as a cartel. The payoff matrix shows the economic profit that each firm can make
If the game is played repeatedly and Felix and Oscar both use a tit-for-tat strategy, then ________. A) Felix will make $10 million of economic profit and Oscar will cheat B) Felix and Oscar will each make $1 million of economic profit C) Felix will make -$2 million economic of profit and Oscar will cheat D) Felix and Oscar will each make $10 million of economic profit
The table above provides information about the marginal private benefit for education
The marginal private cost, which also equals the marginal social cost, of educating a student is $16,000 per year and does not change as more students are educated. There is an external benefit from education that is equal to $12,000 per student year and does not change as more students are educated. What is the efficient amount of education? A) 40,000 student-years B) 60,000 student-years C) 80,000 student-years D) 100,000 student-years
Sam Lewis owns a firm in New York City's garment district. If Sam keeps adding workers to use the same number of sewing machines, eventually the workplace will become so crowded that workers will get in each other's way. At this point
A) Sam should begin using a division of labor in his business. B) Sam's business will be in violation of safety rules that have been established by the New York City government. C) the marginal product of labor in Sam's business would be negative and his total output would decrease. D) Sam should encourage his workers to share their sewing machines.
Which of the following statements about the circular flow model is false?
A) Consumers earn income by selling resources they own to businesses. B) Businesses supply goods and services to the household sector. C) Households supply resources to the business sector. D) Business firms buy goods and services from the household sector.