?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 18.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is TRUE?
A. April has an absolute advantage in painting kites but not snowboards.
B. April has an absolute advantage in painting snowboards but not kites.
C. April has an absolute advantage in painting both goods.
D. April does not have an absolute advantage in painting either good.
Answer: C
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A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
Using the data in the above table, at the price of $80 a phone, a
A) shortage of 25 thousand cellular telephones occurs. B) surplus of 80 thousand cellular telephones occurs. C) surplus of 25 thousand cellular telephones occurs. D) shortage of 55 thousand cellular telephones occurs.
Refer to Figure 15-10. What is the area that represents producer surplus under a monopoly?
A) the triangle 0P3H B) the rectangle P1P3HF C) the trapezium 0P1FH D) the triangle 0P2E
According to RCRA, state governments must
a. develop a waste management plan subject to certain federal requirements b. establish a fixed recycling rate for all MSW materials c. pass laws to set MSW recovery rates d. use deposit/refund systems for packaging and containers