Which of the following economists did not help to develop game theory analysis?
A) Adam Smith
B) John Nash
C) John von Neumann
D) Oskar Morgenstern
Answer: A
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Based on Scenario 6.1 above, value added in the United States is
A) $500. B) $600. C) $400. D) $300. E) None of the above.
In the four-part diagram used to construct the IS curve, a lower interest rate
A) has no effect on Y. B) has no effect on the position of the demand for autonomous planned spending curve. C) has no effect on the position of the IS curve. D) none of the above.
When firms in a competitive market have different costs, it is likely that
a. free entry and exit in the market will be violated. b. the market will no longer be considered competitive. c. long-run market supply will be downward sloping. d. some firms will earn positive economic profits in the long run.
At the point where the demand and supply curves for a product intersect:
A. the selling price and the buying price need not be equal. B. the market may, or may not, be in equilibrium. C. the quantity that consumers want to purchase and the amount producers choose to sell are the same. D. either a shortage or a surplus of the product might exist, depending on the degree of competition.