Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive a payoff of ________ if you go to the beach
A) 0
B) 250
C) 500
D) You cannot determine your payoff because the figure represents your payoff from going to the park.
B
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As a result of losing his job, Uncle Roy dropped his cable TV service and instead bought a new iPod. For Uncle Roy,
A) cable is an inferior good and the iPod is a normal good. B) cable is a normal good and the iPod is an inferior good. C) both cable and the iPod are normal goods. D) both cable and the iPod are inferior goods. E) cable and the iPod are complementary goods.
The elimination of import restrictions will
A. Alter the mix of output from export industries to import-competing industries. B. Redistribute income from import-competing industries to export industries. C. Redistribute income from domestic to foreign producers. D. Alter the mix of output from export industries toward domestic industries.