An idea concerning production that eventually takes the form of a new applied technology is
a. the scientific method
b. robots
c. increasing cost of new technology
d. innovation
e. human capital
D
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Federal subsidies to farmers can have the effect of creating a surplus in the market for certain crops
Indicate whether the statement is true or false
Consider Figure 8.9. If the players choose independently, what will be the outcome?
A. Becky chooses a low price and David chooses a low price. B. Becky chooses a high price and David chooses a low price. C. Becky chooses a low price and David chooses a high price. D. Becky chooses a high price and David chooses a high price.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles. B. an increase in economic growth. C. an increase in unemployment. D. a reduction in unemployment.
Professor Parallax chooses two students in his economics class, Jasmine and Cassandra, to participate in the ultimatum game. He chooses Jasmine to be the allocator and Cassandra to be the recipient. He gives Jasmine $50 and as the allocator, she gets to
decide how to split the money with Cassandra. If Cassandra decides to accept the amount allocated to her by Jasmine, both students get to keep the money. If Cassandra decides to reject her allocation, neither student gets to keep the money. How much will each student end up with if each student acts as if fairness is important? How much will each student end up with if only Cassandra acts as if fairness is important? How much will each student end up with if neither student cares about fairness? What will be an ideal response?