A way to summarize the actions and payoffs of a sequential game is to use a:
A. payoff tree.
B. decision matrix.
C. flowchart.
D. decision tree.
Answer: D
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Open market operations that represent an attempt to offset short-term fluctuations in bank reserves are known as
A) defensive open market operations. B) dynamic open market operations. C) temporary open market operations. D) equilibrating open market operations.
In 1985 a desert community stopped pumping water from a 1000 foot well because it had run dry. In 2005 the price of water doubled. The community then drilled the well deeper and started pumping again. In this community,
A. water production is characterized by increasing opportunity costs. B. markets cannot reach equilibrium because there is a persistent shortage of water. C. the supply of water is perfectly inelastic because it is a finite resource. D. higher water prices can reduce quantity demanded but cannot increase quantity supplied.
Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If vendor 1 is at B while vendor 2 is at D, vendor 1 will sell ________ ice cream cones while vendor 2 sells ________ ice cream cones.
A. 45; 55 B. 50; 50 C. 55; 45 D. 60; 40
A given supply curve has a zero intercept. At the current equilibrium price the price elasticity of supply equals
A) 1. B) 0. C) 2. D) Not enough information.