Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: During World War II, the U.S. government spent huge amounts of money to fund the war effort. (See Figure 8.6.)
A. A.
B. B.
C. C.
D. D.
Answer: D
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The Phillips curve relates the inflation rate to
a. the unemployment rate. b. GDP. c. disposable personal income. d. the interest rate.
If a restaurant, as a regular policy, gives a morning newspaper to each customer who orders a complete breakfast, the restaurant is
A) engaging in predatory pricing of breakfasts. B) engaging in predatory pricing of newspapers. C) selling breakfasts below cost. D) distributing newspapers below cost. E) almost certainly doing none of the above.
Refer to the table at right. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $135, how many units of labor should be hired?
A. 14 B. 11 C. 12 D. 13
Consider the accompanying payoff matrix.
Is this game a prisoner's dilemma?
A. It's a prisoner's dilemma for player B, but not for player A. B. It's a prisoner's dilemma for player A, but not for player B. C. No. D. Yes.