In sequential games,
a. Players take turns and observe their rivals choices before they make their choices
b. Players take turns but don't observe their rivals choices before they make their choices
c. Players move at the same time
d. None of the above
a
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A key concern of monetary policy makers is credibility. In particular, that people believe that inflation will not deviate far from a rate consistent with a healthy macroeconomy. How might credibility affect the slope of the monetary policy curve?
What will be an ideal response?
A payment for the use of an input that exceeds the opportunity cost of the input is known as
A) real interest. B) economic profit. C) economic rent. D) economic cost.
The forgone income that the owner of a business could have made by spending time working in another job is called:
A. total cost. B. explicit cost. C. opportunity cost. D. marginal cost.
Why do national income accountants include indirect business taxes in the income approach to GDP computation?
A. Indirect business taxes are the allowances for the portion of capital worn out by producing GDP. B. Indirect business taxes are part of firms' profits. C. Indirect taxes are income payments to suppliers of resources. D. Indirect business taxes are income for the government received through collection by firms.