Referring to a production possibilities curve and the goods being compared, depict the economic event. The bubonic plague (Black Death) in the 1300s killed one-third of Europe's population (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve
B. A movement from a point on or near the curve to a point inside the curve
C. A shift in the entire curve to the right (outward)
D. A shift in the entire curve to the left (inward)
D. A shift in the entire curve to the left (inward)
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In the prisoners' dilemma game, each player has only one possible strategy
Indicate whether the statement is true or false
George is debating whether to concentrate on playing professional football or professional baseball. He is offered $6 million a year to play baseball and $7 million a year to play football. If he chooses to play football
A) the economic rent in his salary is $7 million. B) the economic rent in his salary is $6 million. C) the economic rent in his salary is $1 million. D) the economic rent in his salary is $13 million.