A farmer producing bushels of soybeans in the perfectly competitive soybean industry is currently maximizing profits. If the market price of soybeans increases and the farmer adjusts output to the new price, he will produce ________ soybeans and make ________ profit.
A. the same bushels of; the same
B. fewer; the same
C. more; more
D. fewer; less
Answer: C
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A worker is unemployed if he:
A) has been working part-time and has been actively looking for full-time work. B) does not have a job and is not actively looking for a job. C) is working from home and drawing a weekly salary. D) does not have a job and has been actively looking for one in the prior four weeks and is available for work.
Balthazar and Artemis are cousins who grow stick cactus in adjacent plots. Each can choose to work somewhat hard and expend $200 worth of effort, or can work extremely hard and expend $300 worth of effort
If either works somewhat hard, he can produce stick cactus that sell for a total of $650. If either works extremely hard, he can produce stick cactus which sell for a total of $800. Both Balthazar and Artemis are equally good at growing stick cactus. a. What is the dominant strategy for Balthazar and for Artemis? b. If both play their dominant strategies, what is the net payoff for each cousin? c. Is there a Nash equilibrium, and if so, what is it? Now assume the cousins are forced by government to combine their plots and share what they make. d. What is the dominant strategy for Balthazar and for Artemis? e. If both play their dominant strategies, what is the net payoff for each cousin? f. Is there a Nash equilibrium, and if so, what is it? g. How did this change in property rights affect each cousin's incentive to work, and what happens to the economic pie?
Refer to Table 22-1. Based on the table above, which country has a higher standard of living and why?
A) Ireland has a higher standard of living because growth in GDP is greater in Ireland than in Sweden. B) Sweden has a higher standard of living because their GDP is higher. C) Ireland has a higher standard of living because their GDP per capita is higher. D) Sweden has a higher standard of living because their GDP per capita is higher.
International data on real GDP per person gives us a sense of how standards of living vary across countries
a. True b. False Indicate whether the statement is true or false