The prisoner's dilemma can be summarized in:
A. a strategy matrix.
B. a strategy tree.
C. a decision matrix.
D. a flowchart.
C. a decision matrix.
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Identify a valid trend observed in U.S. business cycles since 1933. a. Contractions lasted for more than two years on an average. b. There were only two or three complete cycles
c. There was no recession since 1979. d. Expansions generally lasted longer than contractions. e. Each cycle lasted longer than the previous one.
If the (average) tax rate falls by 10% and as a result the tax base rises by 20%, then tax revenues will
A) rise. B) decline. C) remain unchanged. D) There is not enough information given to answer this question.
Which of the following is NOT a factor that determines the price elasticity of demand?
A) the amount that suppliers have made available B) the percentage of a consumer's total budget spent on the good C) the existence of substitutes D) the length of time allowed for adjustments to change in the price of the commodities
Suppose a family-owned donut shop has $80,000 in total revenues, $36,000 in rent, and $20,000 in additional operating costs. The husband and wife work in the shop and pay no wages to themselves or others. The economic profits from the donut shop are
A. more than $24,000. B. $80,000. C. less than $24,000. D. $24,000.