Economists use the phrase "business cycle" when referring to fluctuations in:
a. real GDP.
b. the chain price index.
c. the consumer price index.
d. the general level of prices.
a
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The figure above shows the market for milk. The ________ price that producers must be offered to get them to produce 100 gallons of milk per day is ________
A) maximum; $2.50 B) minimum; $3.00 C) maximum; $4.00 D) minimum; $2.50
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) Best Treats Do Not Introduce and Healthy Snacks Do Not Introduce is a Nash equilibrium.
B) Best Treats Introduce and Healthy Snacks Introduce is a Nash equilibrium.
C) There are no Nash equilibria in this game.
D) Best Treats Introduce and Healthy Snacks Do Not Introduce is a Nash equilibrium.
Assume there are only two goods in the economy, apples and bananas. In 2018, 1,400 apples were sold at $1 each and 8,500 bananas at $0.60 each. In 2019, the price of apples rose to $2 and the quantity rose to 2,400; the price of bananas rose to $0.80 and the quantity sold rose to 9,000. Calculate the CPI (Consumer Price Index) in 2018 using 2018 as the base year and 2018 output as the market basket.
What will be an ideal response?
Which statement is true?
A. The APC plus APS may be greater than 1, but never less than 1. B. The APC plus APS may be less than 1, but never greater than 1. C. The APC plus APS may be greater than 1 or less than one. D. APC and APS added together must equal to 1.