When sketched as a function of disposable income, the investment demand curve is:
A. always horizontal.
B. always vertical.
C. upward sloping.
D. parabolic.
Answer: A
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People do not usually behave in a noncooperative fashion even when it is in their immediate interest to do so because
A) they realize such behavior is immoral. B) they know there can be 2 winners. C) they know they will have repeated dealings with the other people. D) they understand the difficulties with game theory.
Given a production possibilities curve, a point:
a. inside the curve represents unemployment. b. on the curve represents full employment. c. outside the curve is currently unattainable. d. all of these.
If a firm is a price taker, then the demand curve for the firm's product is
A. unit elastic. B. equal to the total revenue curve. C. perfectly inelastic. D. perfectly elastic.
Transfer payments are about ____ percent of U.S. domestic output (as of 2012)
A. 35 B. 8 C. 15 D. 22