Policymaking in a representative democracy
a. is straightforward and does not involve any disagreement.
b. benefits from the input of economists, even if their advice is not always followed.
c. is conducted without the input of economists.
d. is always based exclusively on the results of economic analysis.
b
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In the labor negotiation game:
a. The payoffs from bargaining hard are only higher if your opponent accommodates b. The payoffs from bargaining hard are only higher if your opponent bargains hard c. The payoffs are always higher if you bargain hard d. The payoffs are always higher if your opponent bargains hard
Based on the circular flow model, goods and services flow from:
a. households to businesses in product markets. b. businesses to households in product markets. c. households to businesses in factor markets. d. businesses to households in factor markets.
A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a:
A. production possibilities curve. B. production function. C. consumption possibilities curve. D. supply curve.
The cost savings from outsourcing often lead to ________ for consumers and ________ for the outsourcing company.
A. lower prices; less output B. lower prices; more output C. higher prices; less output D. higher prices; more output