Refer to the above figure. The rightward shift of the curve could have been caused by
A) a technological improvement.
B) a technological setback.
C) an increase in income.
D) a decrease in income.
A
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Game theory shows that cartels
A) should be expected B) allow firms to maximize joint profits C) allow firms to overcome the less desired outcome consistent with the prisoner's dilemma D) All of the above
Father says, "Earn an A on your next report card and I'll help you buy a car." An economist would say that this parent is providing his child a(n)
A. study disincentive. B. bribe. C. reason to slack off and not worry about her grades. D. incentive.
Refer to the diagram, representing Slippery Slope Oil Company. A $5 decrease in the user cost would:
A. decrease the optimal quantity extracted in the present.
B. increase the optimal quantity extracted in the present.
C. not affect the optimal quantity extracted in the present.
D. reduce extraction costs in the present.
Suppose that the production function for the economy is Y = AK0.2L0.8. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 1, real GDP is
A) $13,195.08. B) $16,000.00. C) $16,946.34. D) $28,000.00.