What do clean air in New York City and elephants in Africa have in common?
a. They are both common resources.
b. They are both public goods.
c. They are both club goods.
d. Both are excludable.
a
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In the absence of natural monopoly conditions, firms in a contestable market will
a. choose their price and output competitively. b. be able to successfully form a cartel and share monopoly profit. c. will not produce their output at the lowest possible cost. d. produce more than a monopoly but less than a competitive industry.
If Atlantis has an open economy, then it:
A. does not trade with other countries B. has a democratically elected government C. trades with other countries D. allows imports but not exports.
The Taylor rule is consistent with the Fed's dual mandate of
A) stable exchange rates and price stability. B) price stability and maximum sustainable employment. C) financial market stability and stable exchange rates. D) maximum sustainable employment and financial market stability.
In a simultaneous game where both players prefer doing the opposite of what the opponent does, a Nash equilibrium does not exist
Indicate whether the statement is true or false