The production possibilities curve represents
A. society's needs.
B. all possible combinations of total output that can be produced.
C. the trade-off between human capital and physical capital that exists.
D. the total amount of stocks and bonds that exist in the economy.
Answer: B
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Refer to Scenario 13.9. What kind of game is being played by Lago and Nessie?
A) Battle of the Sexes. B) Prisoners' Dilemma. C) Beach Location. D) Stackelberg Output Choice. E) Cournot Output Choice.
Which of the following best describes a Nash equilibrium?
A. An outcome from which one or both competitors can improve their position by adopting an alternative strategy. B. The unstable outcome of a repeated game. C. An outcome that is stable only because of credible threats. D. An outcome that both competitors see as optimal, given the strategy of their rival.