Behavioral economic policy:
A. builds on traditional economic policy.
B. replaces traditional economic policy.
C. supports pushes as opposed to nudges.
D. is based on laissez-faire principles.
Answer: A
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Refer to Figure 7.1. Start from initial equilibrium. If firms reduce their capital stock, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; C B) X; A C) Z; C D) Y; C
Refer to Figure 4.1. Suppose Alvin chooses Top, while Simon chooses Down, and Theodore chooses Left. Theodore's payoff will be
A) 4. B) 6. C) 14. D) 24.
Which of the following statements describes the long-run effects of global outsourcing?
A) Wages for U.S. workers will decrease but wages in other countries will increase. B) Wages in all countries will remain the same as before the outsourcing. C) Wages and employment will increase globally. D) Wages will increase globally and employment will stay the same.
If one person has the absolute advantage in producing both of two goods, then that person
a. must also have a comparative advantage in both goods b. cannot benefit from trade c. cannot have a comparative advantage in either good d. will have the comparative advantage in only one good e. should specialize in the production of both goods