Economics is the study of:
A. the financial concerns of businesses and individuals.
B. the role of government in limiting the choices people make.
C. whether we will have enough resources in the future.
D. choice in the face of limited resources.
Answer: D
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The conflict between the Vice President of Marketing and her sales staff arises because
a. the sales staff are unwilling to offer discounts b. the Vice President does not want to negotiate aggressively enough c. the sales staff want to negotiate too aggressively d. the Vice President is less willing to offer discounts to make the sale
As long as trade across borders is unrestricted and exchange rates adjust freely, the purchasing power parity theory predicts that the exchange rate between two national currencies will adjust in the
a. short run because of the actions of arbitrageurs b. long run to reflect differences in the nations' price levels c. long run to reflect changes in the governments' trade policies d. short run because of the actions of speculators e. long run to reflect differences in military power
According to the analysis of the short run and long run Phillips curves in the text, a persistent inflation rate of 10% per year: a. Would keep unemployment below the natural rate
b. Would keep unemployment above the natural rate. c. Would result in unemployment at the natural rate of unemployment. d. Is consistent with any of the above scenarios.
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch.
If before Tracy chose, Amy could make a credible commitment to choose either the top or bottom branch when her turn came, then Amy would commit to the ________ branch and Tracy would choose the ________ branch.
A. bottom; top B. top; bottom C. top; top D. bottom; bottom