The _______ model lays out the _______ available to the economy.
A) demand and supply; alternatives
B) production possibilities; price alternatives
C) production possibilities; alternatives
D) demand and supply; prices
Ans: C) production possibilities; alternatives
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The crowding-out effect describes how a government budget ________ ________ the real interest rate and thereby ________ equilibrium investment
A) surplus; raises; decreases B) surplus; lowers; decreases C) deficit; lowers; decreases D) deficit; lowers; increases E) deficit; raises; decreases
In the above figure, the firm will produce
A) 0 units. B) 5 units. C) 15 units. D) 20 units.
Dell and Gateway must decide whether to lower their prices, based on the potential economic profits shown in the payoff matrix above. (The profits are in millions of dollars). In the Nash equilibrium
A) Dell keeps its prices high and Gateway lowers its prices. B) both Dell and Gateway lower prices. C) Gateway keeps its prices high and Dell lowers its prices. D) both Dell and Gateway keep prices high.
John is an Asian 23-year-old male, and Ken is an Asian 43-year-old male. Both John and Ken are economics majors, and they graduated from the same college with the same GPA — John in 2006 and Ken in 1986 . John and Ken are both financial advisers at the same brokerage firm. John earns $52,000 a year, and Ken earns $88,000 a year. Select the best explanation for this wage difference
a. John has more human capital than Ken. b. John has less human capital than Ken. c. John has been discriminated against because he is young. d. Ken has been discriminated against because he is old.