Economists use game theory to analyze __________
Fill in the blank(s) with correct word
strategic situations
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Which of the following is true of tariffs?
A) Tariffs are special taxes levied on imports. B) Tariffs reduce the volume of exports. C) Tariffs decrease the prices of imports. D) Tariffs encourage international trade.
Brown can brew 4 gallons of stout or 3 gallons of lager every three months, or any linear combination in between. Which statement is true?
A) Brown sacrifices 3/4 gallons of lager for every gallon of stout brewed. B) Brown sacrifices 1 1/3 gallons of stout for every gallon of lager brewed. C) Both of the above are true. D) None of the above is true.
If MRS's are equal across all consumers, then the efficient product mix has been achieved
Indicate whether the statement is true or false
Which of the following has tended to increase the competitiveness of markets in the United States during the last couple of decades?
a. increases in transport costs b. development of the Internet c. decreased competition from imports d. more government regulation of product quality