In 1773, who won 20,000 pounds (approx. 12 million dollars) by becoming the first person to accurately measure longitude while out at sea?
a. John Harrison
b. James Cook
c. Alexander Agassiz
d. Roald Amundsen
Ans: a. John Harrison
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In one hour, George can fix 4 flat tires or type 200 words. His opportunity cost of fixing a flat tire is
a. 200 words b. 4 flat tires c. 1 word d. 50 words e. 800 words
The demand for electricity is more elastic in the long run than in the short run because
A. consumers can shift to more efficient electrical appliances in the long run.
B. solar energy will eventually replace electricity in the long run.
C. government regulation of electricity producers is most effective in the long run.
D. more electricity can be produced in the long run.
The moral hazard problem caused by government safety nets:
A. only exists for banks with high leverage ratios. B. is pretty constant across banks of all sizes. C. is greater for larger banks. D. is greater for smaller banks.
Explain why choosing which job to apply for constitutes a game, while choosing where to order pizza for dinner is more likely just a decision
What will be an ideal response?