Economic theory easier to explain or predict government policies when
What will be an ideal response?
participants in the political process are influenced by costs and benefits to themselves.
You might also like to view...
For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:
A. $5. B. $4. C. $0.25. D. $6.
After graduating from college, Jim had two choices. He can either move to Florida, from Philadelphia, where he can work as an analyst and earn $60,000 or he can stay in Philadelphia and work in a car dealership earning $59,000 . His opportunity cost of moving to Florida includes
a. The benefits he could have received from playing soccer b. $59,000 c. both a and b d. none of the above
Player 1 and Player 2 are playing a game in which Player 1 has the first move at A in the decision tree shown below. Once Player 1 has chosen either Up or Down, Player 2, who can see what Player 1 has chosen, must choose Up or Down at B or C. Both players know the payoffs at the end of each branch.
If Player 2 could make a credible commitment to choose either Up or Down when his or her turn came, then what would Player 2 do?
A. Player 2 would commit to choosing Up. B. Player 2 would commit to mimicking Player 1's strategy. C. Player 2 would not commit to choosing either strategy. D. Player 2 would commit to choosing Down.
All of the following could shift the demand curve except
A. a change in the price of substitutes. B. a shift of the supply curve. C. a rise in income. D. a rise in population that buys the good.