Studying which of the following is helpful in learning to think like an economist?
a. theory
b. case studies.
c. examples of economics in the news.
d. all of the above.
Answer: d. all of the above.
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Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.
The short-run Phillips curve holds that
A) high inflation and high unemployment can occur together. B) low inflation and low unemployment can occur together. C) high inflation and low unemployment can occur together. D) b and c
A firm's demand curve for labor services:
A. will not change if technology changes. B. is not related to the price of the firm's output. C. depends on the amount of other inputs used by the firm. D. is independent of the demand for the firm's output.
Firms faced with prisoners' dilemma can always make more profits by engaging in opportunistic behavior. Why is this type of behavior NOT commonly found even in oligopolistic markets?
What will be an ideal response?