What do we assume about households and firms?
A) They act irrationally.
B) They do what the government tells them to do.
C) They look after each other.
D) They optimize.
D
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The quantity demanded for a duopolist's product is zero if ________
A) it charges a lower price than its rival B) it charges a higher price than its rival C) it charges the same price as its rival D) it can produce the product at a lower cost
In 2002, this company was estimated to hold the largest share of the U.S. burger market:
A) McDonald's. B) Burger King. C) Wendy's. D) none of the above.
Under the Bland-Allison Act of 1878,
(a) the U.S. Treasury committed to buying silver for coins at the current market price. (b) the U.S. Treasury committed to buying gold for coins at a set price. (c) the U.S. was placed on the gold standard. (d) the National Monetary Commission was created.
Compare two economies A and B that start with identical production possibilities curves. Both are fully employed. Economy A chooses to produce 6 consumption goods and 3 capital goods, while economy B chooses 4 consumption goods and 5 capital goods. This information suggests that
a. economy A is producing less efficiently than economy B b. economy B is producing less efficiently than economy A c. economy A and economy B, although producing different combinations, grow at thesame rate because they are both fully employed d. economy A's growth rate will be higher than economy B's e. economy B's growth rate will be higher than economy A's