The outcome of the game in the figure shown predicts that Joe will earn utility of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. 5.
B. 7.
C. 9.
D. 13.
B. 7.
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Property rights assure people that
A) the government will not confiscate their income or savings. B) the government will provide a minimum standard of living. C) the factors of production and goods are owned jointly by the government and the people. D) economic growth will enhance government involvement in the economy. E) international trade will be limited.
When a demand curve shifts to the right
A. demand has increased, so supply also shifts to the right, and the equilibrium price increases. B. demand has decreased, so equilibrium price decreases, and equilibrium quantity decreases. C. demand has increased, so equilibrium price increases, and equilibrium quantity increases. D. demand has decreased, so supply also shifts to the right, and the equilibrium price decreases.
Which of the following statements is true?
A) A change in sales should have more impact on current investment if it is expected to be permanent rather than temporary. B) On a percentage basis, investment is more volatile than consumption. C) In terms of dollars, investment and consumption are about equally volatile. D) all of the above E) none of the above
"The slope of the demand curve gives the elasticity of demand." Do you agree or disagree? Why?
What will be an ideal response?