A family on a trip budgets $800 for sit-down restaurant meals and fast food. If the price of a fast food meal for the family is $20, how many such meals can the family buy if they do not eat at restaurants?
a. 8
b. 15
c. 20
d. 40
e. 160
D
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In the prisoners' dilemma, each player is ________ regardless of the other players' actions
A) forced to confess B) forced to deny C) better off confessing D) better off denying E) going to go free
The elasticity of demand for a normal good: a. is often higher in the short run than in the long run. b. is often lower in the short run than in the long run. c. is the same in the short run as in the long run
d. is zero in the short run and infinite in the long run.
Which of the following is correct?
a. In the U.S. the natural rate of unemployment is frequently near 2%. b. The natural rate of unemployment fluctuates more than the cyclical rate of unemployment. c. The cyclical rate of unemployment is sometimes below the natural rate of unemployment. d. None of the above is correct.
When decentralized governmental units operate independently and compete with each other, governments will attract residents and expand their tax base when
A) they discontinue desired government services in order to keep taxes low. B) they increase their tax rates. C) they provide residents with desired services at an attractive tax cost. D) they provide residents with fewer government services.