The location of the supply curve of a product depends on:
A. the technology used to produce it.
B. the number of sellers in the market.
C. the prices of resources used in its production.
D. all of these.
Answer: D
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Referring to the table above, if consumption in period one is zero, then consumption in period two cannot be greater than ________
A) $72,800 B) $70,400 C) $71,200 D) $70,800
In the prisoner's dilemma game:
A. if players can communicate in advance, they may still not cooperate. B. if players can communicate in advance, they will always cooperate. C. will only cooperate if they are trustworthy. D. will always choose to cooperate.
Which of the following would most likely generate a negative externality?
A. Employment B. A lighthouse C. Cigarette smoke D. Education
What component of GDP (if any) will each of the following transactions affect? Explain.
a. Uncle Henry buys a new refrigerator from a domestic manufacturer. b. Aunt Jane buys a new house from a local builder. c. The Jackson family buys an old Victorian house from the Walker family. d. You pay a hairdresser for a haircut. e. Ford sells a Mustang from its inventory to the Martinez family. f. Ford manufactures a Focus and sells it to Avis, the car rental company. g. California hires workers to repave Highway 101. h. The federal government sends your grandmother a Social Security check. i. Your parents buy a bottle of French wine. j. Honda expands its factory in Ohio.