The tradeoffs and connections between the goals of macroeconomics may be ___________ in the short run and the long run.
a. similar
b. different
c. identical
d. problematic
b. different
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When producing 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25. Total cost at this output level is
A. $93.75. B. $97.78. C. $750. D. $880.
Consider a version of the ultimatum game in which player A makes an integer offer {1,2 …,9} to player B. If B accepts, he or she gets that amount of money and A gets to keep the remainder of $10 . If B rejects, both get nothing. Which of the following is an offer that arises in a subgame-perfect equilibrium assuming players only care about monetary payoffs?
a. 1. b. 2. c. 4. d. 5.
The precise definition of GDP is the total value of all
a. goods and services produced by a nation, minus household labor b. goods and services produced by a nation, minus depreciation c. goods and services produced for the marketplace during a given period d. final goods and services produced for the marketplace during a given period, within a nation's borders e. final goods and services produced within a nation's borders and by this nation's citizens abroad during a given period
Suppose that the citizens of South Dakota decided to limit imports of citrus fruit from Florida and California on the grounds that climatic differences give those two states an unfair advantage in the production of those products. How would the analysis used to explain international trade apply?