Economists define technology as
A) machines such as computers.
B) entrepreneurship.
C) absolute advantage.
D) society's knowledge concerning the production of goods.
Answer: D
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Given the situation in the matrix shown, the two firms are likely to collude only if:
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
A. it is a repeated game.
B. they will only make the decision once.
C. The two firms will always choose to compete.
D. they are the only two firms with dominant market share.
In general, elasticities measure
A) the change in quantity demanded when a product attribute changes. B) the change in consumer spending when income changes. C) the change in an attribute for a percentage change in price. D) the percentage change in the quantity demanded resulting from a fixed percentage change in some attribute.
The idea of rational ignorance implies that people are fully informed about their market purchases but uninformed about political issues
a. True b. False Indicate whether the statement is true or false
Refer to Exhibit 6-1. Prices rose by __________ percent from Year 4 to Year 5.
a. 3.90 b. 3.75 c. 4.30 d. 5.90