Recall the Application about the production of coffee in China to answer the following question(s).According to the Application, farmers in the city of Pu'er, China currently earn more growing ________ than they do growing ________.
A. tea; coffee
B. rice; coffee
C. coffee; tea
D. rice; tea
Answer: C
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If the GDP price index is rising over a period of time, then the real GDP in years ________.
A. after the base year will be higher than the nominal GDP B. after the base year will be rising faster than the nominal GDP C. prior to the base year will be less than the nominal GDP D. prior to the base year will be larger than the nominal GDP
Which of the following is an example of the endowment effect?
A) A consumer places a higher value on a good currently owned as compared to a good they are considering purchasing. B) A consumer uses a portion of income in order to provide income to future generations. C) As a consumer's income increases, they increase consumption of most goods. D) Consumers will tend to value objects the same for buying and selling.
Recall the Application about the merger of Sirius Satellite Radio and XM Satellite Radio to answer the following question(s).Recall the Application. After the merger of Sirius Satellite Radio and XM Satellite Radio, the new firm, Sirius XM, would be classified as a:
A. natural monopoly. B. monopoly, but not a natural monopoly. C. public utility. D. duopoly.
In the Nash equilibrium of a prisoner's dilemma:
A. there is unrealized opportunity for both to gain. B. both players have equal payoffs. C. there is no cash left on the table. D. total economic surplus is maximized.