Under the non-strategic view of bargaining, the terms of agreement are determined by
a. Each parties outside options
b. Your gain from agreement
c. Your opponents gain from agreement
d. All of the above
d
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At a competitive market equilibrium, if there are no taxes, subsidies, price regulations, quantity regulations, or externalities, i. consumer surplus is minimized. ii. marginal cost equals marginal benefit. iii. resources are efficiently used
iv. producer surplus is minimized. A) ii and iii B) i and ii C) i and iv D) i, ii, iii, and iv E) ii only
One should expect ________ relationship between annual per-capita GDP and an inverse index of corruption
A) a weak and negative B) a weak and positive C) a strong and negative D) a strong and positive E) an unpredictable
Inflation represents
A) an increase in output. B) an increase in the aggregate price level. C) an increase in the unemployment rate. D) a recession.
Scarcity exists because economies cannot produce enough to meet the perceived desires of all individuals.
Answer the following statement true (T) or false (F)