The two basic approaches that a country can take as a means to achieve free trade are the
a. unilateral approach and the multilateral approach.
b. short-run approach and the long-run approach.
c. continental approach and the global approach.
d. industry approach and the security approach.
a
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In experimental tests of the ultimatum game:
a. the proposer often offers an even split of the "pie", and responders often reject smaller offers, consistent with the predictions of game theory. b. the proposer often offers an even split of the "pie", and responders often reject smaller offers, in contrast to the predictions of game theory. c. the proposer often offers an unfair split, taking the lion's share of the "pie" for him or herself, and responders often accept such offers, consistent with the predictions of game theory. d. the proposer often offers an unfair split, taking the lion's share of the "pie" for him or herself, and responders often accept such offers, in contrast to the predictions of game theory.
It is harder to explain the behavior of firms in oligopoly than in other market structures because in oligopoly
a. the firms act independently of each other b. firms base their decisions on what their rivals do c. only differentiated products are produced d. only homogeneous products are produced e. the demand curve can slope upward
What does a bank do when they have excess reserves?
You are part of a local community theater group. It is the goal of the group to increase the amount of revenue earned through ticket sales. Mary says the obvious solution is to increase ticket prices. Is Mary correct?
A. Mary is correct if the demand for tickets is price inelastic. B. Mary is incorrect if the demand for tickets is price inelastic. C. Mary is correct. The increase in ticket prices will always increase revenue. D. Mary is incorrect. The increase in ticket prices will never increase revenue.