If the price elasticity of supply in the kiwi fruit industry equals 1, supply is
a. perfectly elastic
b. relatively elastic
c. unit elastic
d. relatively inelastic
e. perfectly inelastic
C
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There are two players in a game. At each round of the game, one player has to trust the other for a particular task. In the first round, Player 1 has to decide whether he will trust Player 2
If he does not trust Player 2, he will get one-third of the prize money, while Player 2 will get the rest of the prize money. If he trusts Player 2, Player 2 can either cooperate with him or defect. If Player 2 defects, Player 1 will earn $0, while Player 2 will get the entire prize money. If Player 2 cooperates, each of them will get half the prize money. What will the equilibrium outcome of this game be if Player 1 can impose a guilt penalty of two-thirds of the prize money and is known to be a vengeful player?
The most severe financial crisis in U.S history occurred in the years ________
A) 2006-2008 B) 1997-98 C) 1929-33 D) 1873-93
Fixing the insolvency problem caused by the Great Recession, the U.S. Federal Reserve as reluctant to purchase toxic assets from banks because:
a. It could cause an unwanted expansion of the e U.S. monetary base. b. Toxic security purchases had to be funded, and the Fed already had a major debt problem. c.It could cause an unwanted contraction of the U.S. monetary base. d. The Fed could be accused of nationalizing the U.S. financial system. e. All of the above.
Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the 6th laborer?
A. 11 cabinets B. 9 cabinets C. 7 cabinets D. 36 cabinets