Why would lack of cooperation between criminal suspects be desirable for society as a whole?
a. The suspects are able to choose optimal outcomes for themselves by acting in their own self interest.
b. The prisoners' dilemma safeguards the criminals' constitutional rights.
c. More criminals will be convicted.
d. None of the above is correct.
c
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Jennifer's Bakery Shop produces baked goods in a perfectly competitive market. If Jennifer decides to produce her 100th batch of cookies, the marginal cost is $120. She can sell this batch of cookies at a market price of $110
To maximize her profit, Jennifer should A) not produce this additional batch. B) produce this batch of cookies because they will help lower her average fixed cost. C) charge $120 for this batch. D) shut down. E) produce this batch of cookies because their MR exceeds their MC.
Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is TRUE?
A) The production function has decreasing returns to scale. B) The production function has increasing returns to scale. C) The production function has constant returns to scale. D) Returns to scale vary with the level of output.
The Civil Rights Act of 1964
a. was not relevant to unions b. required unions to adopt affirmative action policies c. protected union workers from rigged elections d. banned yellow-dog contracts e. created the National Labor Relations Board
The merchandise trade balance is the value of a nation's:
a. merchandise and service exports plus merchandise and service imports. b. merchandise exports subtracted from capital inflows. c. merchandise imports subtracted from merchandise exports. d. merchandise imports plus net capital inflows.