Which of the following is a major area of study for economist?
a. how people make decisions
b. the design of recycling water
c. the best way to design a nature reserve
d. how countries choose national leaders
Answer: a. how people make decisions
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The measured distribution of ________ is a more accurate indicator of the degree of economic inequality than the measured distribution of ________ because ________ data does not include ________
A) income; wealth; wealth; human capital B) wealth; income; income; holdings of real estate C) wealth; income; income; human capital D) income; wealth; wealth; employment information
As a general rule, what impact does technological progress have on a PPC?
What will be an ideal response?
Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the profit in millions of dollars for each firm. Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175Assume that firm B adopts a low-price strategy while firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms, firm B will now
A. gain $50 million in profit and firm A will lose $75 million in profit. B. gain $75 million in profit and firm A will lose $50 million in profit. C. lose $75 million in profit and firm A will gain $50 million in profit. D. gain $50 million in profit and firm A will lose $50 million in profit.
The increase in the price of sugar created by the tariff will lead domestic production to increase by ________ tons per year, compared to when the economy is open without the tariff. 
A. 20 B. 10 C. 40 D. 30