The market basket approach:
A. gives us a single number that represents how changing prices affect the typical consumer.
B. gives us a list of what the typical consumer buys and the average price change of those goods.
C. tells us how the prices of all goods and services in an economy change over time.
D. tells us exactly how people change what they buy from year to year.
A. gives us a single number that represents how changing prices affect the typical consumer.
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For a single-price monopolist,
A) MR = P. B) MR < P. C) MR first increases and then decreases with the quantity sold. D) MR first decreases and then increases with the quantity sold.
Refer to Figure 4-21. The figure above represents demand and supply in the market for cigarettes. Use the diagram to answer the following questions
a. How much is the government tax on each pack of cigarettes? b. What portion of the unit tax is paid by consumers? c. What portion of the unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per pack received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this cigarette tax efficient?
The consensus today is that import-substitution protectionist industrial policy has not served the developing countries' growth ambitions well
This fact proves that policies relying on export-driven growth are the "winning ticket" for these countries.
An ultimatum game:
A. is a repeated game. B. is a simultaneous move game. C. is when one player makes an offer and the other has to accept or reject. D. is a realistic way of modeling union negotiations.