All games involve which of the following?
A. Someone to enforce the rules
B. Strategies
C. Cards or dice
D. Full information
Answer: B
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Labor productivity increases if
i. human capital decreases. ii. technology advances. iii. quality of education decreases. A) Both ii and iii B) Both i and ii C) i only D) ii only E) iii only
Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a surplus; is greater than B) a surplus; is less than C) a shortage; is greater than D) a shortage; is less than E) neither a surplus nor a shortage; equals
Perfectly elastic demand is represented by a demand curve that
A) is vertical. B) is horizontal. C) has a 45° slope. D) is a rectangular hyperbola.
Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below.
With no subsidy, the equilibrium price of sugar is ________ per ton, and the equilibrium quantity is ________ tons per day.
A. $1,500; 12 B. $1,000; 12 C. $1,000; 8 D. $1,500; 8