Which of the following best fits the definition of unemployed?
A. not working at a gainful pursuit, either in or out of the home
B. not working but looking for a job
C. retired and not working
D. working less than a full work week
Answer: B
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Some economists believe that the Asian crisis in 1997
A) could have been avoided if stronger action had been taken by major countries and international agencies. B) was inevitable since most of the economies were experiencing slow economic growth. C) was made worse by the refusal of the IMF to take any actions. D) was necessary to rid those economies of inflation.
Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Tahiti?
A) 5/6 of a gallon of honey B) 1.5 gallons of honey C) 1.2 gallons of honey D) 1/2 of a gallon of honey
Refer to Table 14-9. Saudi Arabia and Yemen must decide how much oil to produce. Since the demand for oil is inelastic, relatively low production rates drive up prices and profits
Saudi Arabia, the world's largest and lowest-cost producer, is able to influence market price; it has an incentive to keep output low. Yemen, on the other hand, is a relatively high-cost producer with much smaller reserves. Use the payoff matrix in Table 14-9 to answer the following questions. a. What is the dominant strategy for Saudi Arabia? b. What is the dominant strategy for Yemen? c. What is the Nash equilibrium?
The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:
A) a direct consumer survey. B) contingent valuation. C) the hedonic estimation technique. D) conjoint analysis.