A jar has 20 red jelly beans and 40 black jelly beans. If you pick a red jelly bean and put it back, what are the odds of picking a black jelly bean next?
A) 20/40
B) 20/60
C) 40/60
D) 1 (100%)
C
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Individuals cannot be excluded from consuming a public good
Indicate whether the statement is true or false
A firm's opportunity cost of using resources provided by the firm's owners is called
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
The term "satisficing" for decision-making behavior by many firms was coined by
a. Milton Friedman. b. Adam Smith. c. Herbert Simon. d. Alan Greenspan.
If total spending rises from one year to the next, then which of the following could not be true?
a. the economy is producing a smaller output of goods and services, and goods and services are selling at higher prices. b. the economy is producing a larger output of goods and services, and goods and services are selling at lower prices. c. the economy is producing a larger output of goods and services, and goods and services are selling at higher prices. d. the economy is producing a smaller output of goods and services, and goods and services are selling at lower prices.