Games can be judged according to the payoffs
A) as zero-sum, negative-sum, and positive-sum games.
B) as collusive or noncollusive games.
C) as competitive or noncompetitive games.
D) whether all companies participate or not.
Answer: A
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Is a single-price monopoly efficient?
A) Yes, because it creates a deadweight loss. B) No, because it creates a deadweight loss. C) Yes, because consumers gain and producers lose some of their surpluses. D) Yes, because consumers lose and producers gain some of their surpluses. E) Yes, because it produces the quantity at which MR = MC.
Answer the following statements true (T) or false (F)
1. If member banks need to borrow reserves, they must do so through the discount window. 2. The discount rate at all Federal Reserve Banks is always identical. 3. The Federal Reserve System is completely independent of the government. 4. Raising the reserve requirement or the discount rate always decreases the money supply. 5. The Fed’s ability to influence the money supply through its open-market operations is independent of a commercial bank’s desire to make loans.
If nominal GDP is $10 trillion and real GDP is $12 trillion, then the GDP deflator is
a. 83.33, and this indicates that the price level has decreased by 16.67 percent since the base year. b. 83.33, and this indicates that the price level has increased by 83.33 percent since the base year. c. 120, and this indicates that the price level has increased by 20 percent since the base year. d. 120, and this indicates that the price level has increased by 120 percent since the base year.
Refer to Mexico and Japan. What is the cost of producing one unit of food in Japan?
a. 2 bolts of cloth per bushel.
b. 4/3 bolts of cloth per bushel.
c. 3/4 bolts of cloth per bushel.
d. none of the above.