Consider the following game. You pick a card from a 52-card deck and each time you select a queen, you get $520. For all other cards pay $26. The expected value of the game is
A. -$24.
B. $0.
C. $16.
D. $64.
Answer: C
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Voting against ones preferences in the initial round of a runoff election in order to prevent the selection of an undesirable alternative in the final round is called
A) ballot manipulation. B) strategic voting. C) naive voting. D) the voting paradox.
Consider a two-country, two-commodity model. The table below shows the units of Good X and Good Y produced in Country A and Country B per labor hour. If Country A transfers one labor hour from the production of Good Y to the production of Good X, total world production of Good X will ________ by ________ unit(s). ProductivityCountry ACountry BGood X1.000.50Good Y0.200.70
A. decrease; 0.7 B. increase; 0.5 C. increase; one D. decrease; 1.43
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
Refer to the table below. If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, the new equilibrium price would be:
A. $11
B. $12
C. $13
D. $14