Refer to the game between James and Theodore depicted in Figure 12.2. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Right.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Down.
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The average total cost curve
a. is downward sloping at all levels of output b. is downward sloping when marginal costs are decreasing and upward sloping when marginal costs are increasing c. is upward sloping when marginal costs are decreasing and downward sloping when marginal costs are increasing d. does not vary with output
The incentive to lend increases as the real rate of interest decreases
a. True b. False Indicate whether the statement is true or false
All other things being equal, an increase in the supply of labor will lead to a fall in the wage.
Answer the following statement true (T) or false (F)
The CPI in 1974 equaled 0.49. The CPI in 1975 equaled 0.54. The rate of inflation between 1974 and 1975 was ________ percent.
A. 5.0 B. 10.2 C. 5.4 D. 9.3