If buyers expect the price of a good to fall in the near future, we would expect that to cause the current price and the quantity traded to decrease as a result
a. True
b. False
Indicate whether the statement is true or false
True
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The table above has the domestic demand and domestic supply schedules for a good. If the world price of the good is $10, then according to the table
A) the country exports 6 units a day. B) the country imports 6 units a day. C) the country imports 16 units a day. D) the country exports 22 units a day. E) domestic production is higher before trade than after trade.
Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Be envious b. Try to decrease your competitor's pie while increasing your own c. Do not be envious-focus on your slice of the profit pie d. All of the above
The Clayton Act of 1914 prohibits "every contract, combination, or conspiracy in restraint of trade" and any "monopolization, attempted monopolization, or conspiracy or combination to monopolize."
a. True b. False Indicate whether the statement is true or false
A production possibilities curve with clothing and food on the axes shows that
I. A society can not have an unlimited amount of each good II. For an efficient society, an increase in clothing production will necessitate a decrease in food production III. A society will always produce the maximum amount of both clothing and food A) I only B) II only C) III only D) Both I and II