The use of psychological incentives to solve commitment problems would be least effective in games played:
A. once between family members.
B. repeatedly between strangers.
C. once between strangers.
D. repeatedly between family members.
Answer: C
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A bracelet making company has three employees, and together they produce 10 bracelets an hour. When a fourth worker joins them, the output for the company is now 11 bracelets an hour. Which of the following is true?
A. Diminishing marginal product started with the fourth worker. B. Average product has increased. C. Total product is increasing. D. None of these is true.
An individual perfectly competitive firm's supply curve is its:
a. average-fixed-cost curve. b. marginal revenue curve. c. average-variable-cost curve. d. marginal cost curve. e. total cost curve.
If real GDP grows at 3% and population grows at 1.2%, then real GDP per capita grows by 4.2%.
a. true b. false
If the price of a car in the United States is $22,000, and the exchange rate between the dollar and the Japanese yen falls from 125 yen to 105 yen per dollar, then the price of the American car in Japan will
A. remain the same. B. rise. C. fall. D. be irrelevant, because the Japanese government will impose restrictions on imports from the United States.