In the ________, two duopolists compete by simultaneously selecting price
A) Cournot model
B) Nash model
C) Bertrand model
D) kinked-demand model
E) none of the above
C
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If a small country were to levy a tariff on its imports then this would
A) decrease the country's economic welfare. B) have no effect on that country's economic welfare. C) increase the country's economic welfare. D) change the terms of trade. E) raise prices on its exports in other countries.
Overall, economists believe that deregulation of industries formerly subjected to industrial regulation:
A. has been a clear failure. B. is neutral in its impact to society's well-being, creating minimal net benefits at best. C. has produced large net benefits for consumers and society. D. has produced sizable efficiency gains in the communications industry, but not in the transportation industry (railways, trucking, airlines).
If a monopolist were to produce in the inelastic segment of its demand curve
A) total revenue would be at a maximum. B) total revenue would be at a minimum. C) the firm would maximize profits. D) a further drop in the price will change quantity demanded less than proportionately.
What is the likely consequence of an unemployment rate falling below the rate at which "full employment" is achieved?
A. The threat of recession. B. An increase in discouraged workers. C. Increased inflationary pressures. D. None of the choices are correct.