According to game theory, a cartel of several firms is an example of a(n)
A) zero-sum game.
B) positive-sum game.
C) cooperative game.
D) noncooperative game.
Answer: C
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Indicate whether the statement is true or false
Specialization of labor makes sense only if there is some means of exchange
a. True b. False Indicate whether the statement is true or false
A recession abroad would
a. increase U.S. net exports and increase aggregate demand. b. increase U.S. net exports and increase aggregate supply. c. reduce U.S. net exports and reduce aggregate demand. d. reduce U.S. net exports and increase aggregate demand.
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. The explicit cost for one birdhouse is
a. $4. b. $5. c. $8. d. $9.