For the demand function P = 24 - 3Q,
A. unitary elasticity occurs at price 2.
B. total revenue is maximized at price 12.
C. demand is elastic at price 12.
D. demand is inelastic at price 16.
Answer: B
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A game involving two players with two possible strategies is a prisoner's dilemma if each player has a dominant strategy and:
A. neither player plays their dominant strategy. B. each player's payoff is higher when both play their dominant strategy than when both play their dominated strategy. C. each player's payoff is higher when both play their dominated strategy than when both play their dominant strategy. D. there is a Nash equilibrium that yields the highest payoff for both players.
If real interest rates are equal in two countries, then the nominal interest differential on their currencies will equal
A) the expected inflation differential. B) the risk premium. C) the forward premium or discount. D) Both A and C.
Refer to the above figure. Economic profits for this firm are
A) negative and equal to P2bcP3. B) negative and equal to P1bcP2. C) positive and equal to P2bcP3. D) positive and equal to P1abP2.
Not counting _____ as unemployed understates unemployment
a. children b. retired persons c. students d. people who do not want to work e. discouraged workers