In the economic way of thinking, private property rights provide people with
A) rules of the game.
B) dependable information.
C) incentives.
D) none of the above.
E) all of the above.
E
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Suppose the income-consumption curve for goods X and Y is upward sloping. If the price of good Y increases and the income-consumption curve rotates in clockwise fashion, then we know that:
A) X and Y are complements. B) X and Y are both inferior goods. C) X and Y are substitutes . D) Y is an inferior good.
A key to gaining cooperative behavior in a repeated game is:
A. that the game must be repeated indefinitely. B. there must be a definitive end to the game. C. the players must commit to always acting in their own self-interest. D. at least one player must have a dominant strategy.
The price that sellers receive after the tax is imposed is
A. $6 B. $10 C. $16 D. $24