Directions: Apply the Knowledge You Have Gained from Chapter 10

question 3

Multiple Choice

Directions: Apply the knowledge you have gained from Chapter 10 to select the best answer to the questions about the following reading passages. ​
Imogen Cunningham was born in Scranton, Pennsylvania, at the end of the nineteenth century. She spent her life making loving photographic portraits of people in the cities where she lived. At the end of her life she made stirring portraits of people who were, as she put it, "alive and kicking." She photographed many people in their nineties like Old Norton in his shack and the nursing home resident feeling forgotten and forlorn, for whom the main challenge of life was merely to live through each day.
-adapted from Kornblum, Sociology in a Changing World , p. 366
​ What inference can be made from this reading?

• A)Cunningham took photos of animals as well as people.
• B)Old Norton was probably very poor.
• C)Cunningham was born in Scranton.
• D)Cunningham was also a painter.

Recognize the tragedy of the commons and overuse of common resources.

Analyze the impact of strategic behavior on market outcomes, including advertising and inter-firm competition.

Understand the concept of Nash equilibrium in games involving externality effects.

Calculate the socially optimal levels of production or consumption in the presence of externalities.

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Definitions:

Net Present Value

The difference between the present value of cash inflows and the present value of cash outflows over a period of time, used to assess the profitability of an investment.

Monthly Interest Rate

The percentage of interest that is charged or earned on a loan or investment over a month.

Materials Requirements Planning

A system used in manufacturing to calculate materials needed for production, ensuring the right materials are available at the right time and in the correct quantities.

Inventory Levels

The amount of goods and materials a company holds for the purpose of resale or production.