John Nash shared the Nobel Prize in Economics with:
A. John Harsanyi and Reinhard Selton.
B. Reinhard Selton.
C. Robert Auman and Reinhard Selton.
D. Milton Friedman.
A. John Harsanyi and Reinhard Selton.
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What is the dilemma faced by firms in oligopoly?
What will be an ideal response?
If the supply curve of a product changes so that sellers are now willing to sell 2 additional units at any given price, the supply curve will
A) shift leftward by 2 units. B) shift rightward by 2 units. C) shift vertically up by 2 units. D) shift vertically down by 2 units.
Tom Atoe grows fruits and vegetables for home consumption. This activity is:
a) excluded from GDP in order to avoid double counting. B) excluded from GDP because an intermediate good is involved. c) productive but is excluded from GDP because no market transaction occurs. d) included in GDP because it reflects production.
Identify and explain the three ways we can use macroeconomic analysis.
What will be an ideal response?