Refer to Scenario 12.2. In this game, Jerome's tough strategy would lead to his preferred equilibrium of
A) Eliza donates a kidney and Jerome does not.
B) both Eliza and Jerome donate a kidney.
C) Jerome donates a kidney and Eliza does not.
D) neither Eliza nor Jerome donates a kidney.
A
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Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. Which of the following statements is true? a. Alpha should export to Omega, but Omega should not export to Alpha
b. Since Alpha has an absolute advantage in both goods, no mutual gains from trade are possible. c. If Alpha specializes in growing apples and Omega specializes in growing oranges, they could both gain by specialization and trade. d. If Alpha specializes in growing oranges and Omega specializes in growing apples, they could both gain by specialization and trade.
Each point on the demand curve indicates
a. the demand for the product. b. the quantity demanded at that price. c. the amount that people need. d. the amount people want to buy at different income levels.
The sum of the value added by all firms equals total:
A. spending on capital goods. B. investment spending. C. value of final goods and services. D. profits.
Suppose that if your income is $50,000, your tax is $5,000, but if your income is $100,000, your tax is $8,000. Such a tax is
A. Regressive. B. Proportional. C. Progressive. D. An excise tax.