From 1960 to 2012, government purchases as a percentage of U.S. output have:
A. Remained approximately constant at about 50 percent
B. Decreased from about 22 percent to about 20 percent
C. Increased from about 20 percent to about 40 percent
D. Decreased from about 50 percent to about 25 percent
B. Decreased from about 22 percent to about 20 percent
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Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true?
A. Forest doesn't have to consider costs and benefits. B. Forest has to make trade-offs. C. Forest has unlimited resources. D. Forest is not required to make trade-offs because he is self-sufficient.
Refer to Figure 10.1. This scenario is representative of a(n)
A) prisoner's dilemma game. B) battle of the sexes game. C) pure coordination game. D) assurance game.
What is the Nash equilibrium of this game?
a. Both of them clean the apartment b. John cleans, Joe doesn't c. Joe cleans, John doesn't d. Neither of them clean the apartment
Distinguish the concepts of comparative advantage and absolute advantage
What will be an ideal response?