Economics is a social science that is concerned with:
a. Increasing the level of productive resources so there is a minimum level of income
b. The best use of scarce resources paid for at the highest level of cost to consumers and businesses
c. The best use of scarce resources to achieve the maximum satisfaction of economic wants
d. Increasing the amount of productive resources so there is maximum output in society
Answer: c. The best use of scarce resources to achieve the maximum satisfaction of economic wants
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In order for a strike to be successful, the union must decrease the supply of both union and non-union labor
a. True b. False
A long-lived cartel maximizes its joint profits by restricting production to push up prices. Firm A cheats by temporarily raising its production. Which response by Firm B illustrates a tit-for-tat game?
a. Firm B temporarily raises its prices. b. Firm B temporarily raises its production. c. Firm B permanently lowers its production. d. Firm B permanently lowers its prices.
Refer to the normal-form game of price competition shown below.Firm AFirm B??CD?A0,75,2?B5,10,8What are the pure Nash equilibrium strategies for this game?
A. {(A, C)}. B. {(A, C) and (B, D)}. C. {(B, C)}. D. There is no pure strategy Nash equilibrium to this game.
Most researchers agree that the New Deal positively impacted
(a) employment and overall production. (b) wages, working conditions and working hours. (c) electricity production and use of it as power. (d) all of the above.