When countries engage in specialization and international trade, every individual person in those countries will gain
Indicate whether the statement is true or false
False
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When playing a game, a mixed strategy refers to
A) randomly selecting a strategy. B) consistently alternating between two strategies each time a game is played. C) never playing the same strategy twice in a row. D) never playing the same strategy more than once.
Long-run elasticity of supply is defined as
a. percentage change in quantity demanded in the long run divided by percentage change in price. b. percentage change in price divided by percentage change in quantity demanded in the long run. c. percentage change in quantity supplied in the long run divided by percentage change in price. d. percentage change in price divided by percentage change in quantity demanded in the long run.
In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, planned investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. Autonomous expenditure equals:
A. 990. B. 890. C. 900. D. 940.
The price elasticity of demand measures the responsiveness of
A) supply to demand changes. B) equilibrium changes. C) quantity demanded to changes in the price. D) demand to supply changes. E) the price to changes in quantity demanded.