Refer to Scenario 12.2. In this game, if the players successfully coordinate and Eliza ends up playing her weak strategy, then
A) Eliza will donate a kidney and Jerome will not donate.
B) both Eliza and Jerome will donate a kidney.
C) Jerome will donate a kidney and Eliza will not donate.
D) neither Eliza nor Jerome will donate a kidney.
A
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The major cost of production in the economy is
A. interest expense. B. capital costs. C. rents. D. profits. E. wages.
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517How many hours a day should John spend cleaning windows?
A. 1 B. 2 C. 3 D. 4
The 3 key economic questions include all of the following EXCEPT
A) "how do we produce these products?" B) "where should these products be produced?" C) "who consumes the products?" D) "what products do we produce?"
If a competitive market operates perfectly, it relies on:
A. the number of people buying goods. B. the laws of supply and demand. C. how many products can be produced for sale. D. how much people are willing to pay for the products.