Which of the following is an example of a public good?
A. A weather warning system.
B. A television set.
C. A sofa.
D. A bottle of soda.
Answer: A
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Nash equilibria are stable because
A) they involve dominant strategies. B) they involve constant-sum games. C) they occur in noncooperative games. D) once the strategies are chosen, no players have an incentive to negotiate jointly to change them. E) once the strategies are chosen, no player has an incentive to deviate unilaterally from them.
Consider the market for chicken. Assuming that chicken and beef are substitutes, an increase in the price of beef will:
A. decrease the demand for chicken creating a lower price and a smaller amount of chicken purchased in the market. B. decrease the supply of chicken creating a lower price and a smaller amount of chicken purchased in the market. C. increase the demand for chicken creating a higher price and a greater amount of chicken purchased in the market. D. increase the supply of chicken creating a lower price and a greater amount of chicken purchased in the market.
In 1989 the United States passed a law against catching shrimp with nets that do not have turtle excluder devices. Four Asian countries filed a complaint with the Word Trade Organization (WTO), and it ruled that the U.S. policy violated WTO rules because
A. one nation could not impose moral values on other nations as per WTO rules. B. the policy did not apply equally to all exporting nations and did not recognize alternative ways to protect sea turtles. C. protection of sea turtles was not a legitimate environmental purpose. D. sea turtles were not on the endangered species list.
Demand for U.S. farm products was high during World War I.
Answer the following statement true (T) or false (F)