Dividing the total cost of n units of an activity by n reveals the:
A. average benefit.
B. units per cost.
C. marginal cost.
D. average cost.
Answer: D
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A) consumption falls B) investment falls C) the federal funds rate falls D) the inflation rate falls
A tit-for-tat strategy can be used in
A) a single-play game or a repeated game. B) a single-play game but not a repeated game. C) a repeated game but not a single-play game. D) neither a repeated game nor a single-play game.
The various signaling techniques __________ completely overcome the moral hazard problem in the case of the small borrower, so that small business loans are generally __________-term
A) can; long B) can; short C) cannot; long D) cannot; short
In a franchised network in which all managers are required to pay a percentage of their sales to pay for system-wide advertising, there ________ a free -rider problem and it is ________ likely that the system-wide quantity of advertising will be optimal.
A) is; less B) is not; more C) is not; less D) is; more