The point at which buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price is called:
A. equilibrium.
B. maximization.
C. optimization.
D. market collapse.
Answer: A
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If the cost of the CPI market basket at current period prices is $1000 and the cost of the CPI market basket at base period prices is $250, the CPI is
A) 2.50. B) 400. C) 250. D) 100. E) 4.0.
The largest source of the federal tax revenue is ________
A) individual income taxes B) corporate income taxes C) excise taxes D) payroll taxes
Fogel and Engerman (1974) are generally of the opinion that American slavery
(a) was antiquated, inefficient and was on the verge of existance. (b) was thriving and profitable in the decades prior to the Civil War. (c) provided conditions for a reasonably normal family life and standard of living for the slaves with very little breakup of slave families or exploitation of slaves. (d) was inferior to the wage-labor system in the South and would have likely been replaced with time.
When analyzing the behavior of oligopolists, which of the following is crucial for the success of game theoretic analysis?
A. Payoffs do not need to reflect the true payoffs of the oligopolists, they just need to be greater than or equal to zero. B. Do not construct the payoffs of the oligopolists to be interdependent, as the payoff of one player usually does not affect the payoff of the other players. C. Assume that oligopolists always move simultaneously. D. Make sure the problem you are considering is of a one-shot or repeated nature, and you model it accordingly because the order in which players make decisions is important.