In a society where government mandates that everyone shares the product of one's hard work with everyone else, people will tend to work harder than they would if they could keep the full product of their work
Indicate whether the statement is true or false
FALSE
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The game in Scenario 13.14
A) is Stackelberg if both players move at the same time; Cournot if one player moves first. B) is Cournot if both players move at the same time; Stackelberg if one player moves first. C) Stackelberg no matter what the timing of moves. D) Cournot no matter what the timing of moves. E) is neither Stackelberg nor Cournot.
If some resources went to waste rather to use in production, the economy would operate outside its production possibility curve
a. True b. False Indicate whether the statement is true or false
The price elasticity of demand for an exhaustible natural resource tends to
a. fall over time because extraction costs rise over time. b. stay constant over time because the resource's price rises at a constant rate. c. rise over time because the resource's rising price stimulates conservation and the development of substitutes. d. rise over time because resource extraction tends to become more efficient over time.
A recessionary gap exists when aggregate demand is above the full employment level of output.
Answer the following statement true (T) or false (F)