If a market is NOT perfectly competitive, then government intervention
A) is always justifiable.
B) will usually decrease economic well-being.
C) guarantees that societal well-being will be maximized.
D) may increase economic well-being.
D
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According to your text, open market operations
A) can be a difficult and delicate task. B) are free from political pressures. C) are designed solely in the national interest. D) have failed to be effective ever since the U.S. has gone off the gold standard.
Economists consider rent seeking activity to be highly productive.
Answer the following statement true (T) or false (F)
On an afternoon that a class meets, you could alternatively study for an exam that will take place in another class the next morning, go to a movie with a friend, or, most desirable to you at present, take a nap. The opportunity cost of attending the
afternoon class is A) forgoing the nap. B) missing seeing the movie with your friend. C) giving up the time to study for the next morning's exam. D) being unable to engage in all three of the above activities.
Within a game theory model, if a change in decision-making raises corporation A's profits by $200 and lowers corporation B's profits by $250, the game is a
A. positive-sum game. B. negative-sum game. C. cooperative game. D. zero-sum game.