Common property resources include:
A. movies.
B. fast food.
C. oceans.
D. professional baseball games.
C. oceans.
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Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 16 thousand spoons B) 26 thousand forks C) 20 thousand forks D) 0 spoons
If Priscilla regards cheese and crackers as perfect complements, then
a. her indifference curves slope upward. b. her indifference curves are straight lines. c. Priscilla prefers lower indifference curves to higher ones. d. for Priscilla a bundle of 5 crackers and 5 ounces of cheese is just as good as a bundle of 5 crackers and 8 ounces of cheese.
In the circular flow model of the market system, business firms
A. buy products and resources. B. buy products and sell resources. C. sell products and resources. D. sell products and buy resources.
Consider the game between the teens from the previous question. In addition to any pure-strategy Nash equilibrium, there is another one in mixed strategies. In it, each teen chooses to declare with probability
a. 0.52 b. 0.5 c. 0.34 d. 0.1