Producer?producer rivalry functions:
A. only when multiple sellers for a product compete in the market.
B. even when customers are not scarce.
C. only when single sellers for a product compete in the market.
D. regardless of the number of sellers.
Answer: A
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The Green Revolution has not resulted in
a. reduced food prices b. increased yields c. more irrigation d. more agricultural research e. The Green Revolution has resulted in all of the above.
When an economist considers welfare evaluations, he is looking at
A) whether a policy increases social welfare. B) the ability of an economy to take care of the unemployed. C) price inertia. D) new open economy macroeconomics.
In game theory, the strategy that always yields the highest benefit for the player using it is the
A) dominant strategy. B) cooperative strategy. C) prisoners' strategy. D) matrix strategy.
England has a relatively cool and cloudy climate that is ill suited for grape growing. It can produce 200 units of wine for every 400 units of cloth. Portugal, in contrast, has a relatively warm and sunny climate that is good for growing grapes. It can produce 200 units of wine for every 100 units of cloth. Which country has the higher opportunity cost of producing cloth?
A. England: 1/2 unit of cloth for every unit of wine B. Portugal: 2 units of wine for every unit of cloth C. Portugal: 1/2 unit of wine for every unit of cloth D. England: 2 units of wine for every unit of cloth