To economists, a game is:
A. a trivial pursuit that should not be used to analyze the economy or its actors.
B. any situation in which players pursue strategies designed to achieve their goals.
C. a way to simplify and minimize the true importance of situations like war.
D. All of these statements are true.
Answer: B
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Which of the following is true of firms in both monopolistic competition and perfect competition?
a. Firms face a horizontal demand curve. b. Price exceeds marginal revenue. c. Firms can enter and leave the industry with relative ease. d. Price exceeds marginal cost. e. Products are differentiated.
The value-added approach of calculating GDP:
A. is an alternative, and equally valid, way of avoiding the problem of double-counting. B. lets us break down the total value paid and see how much of it was created at each step of the production process. C. is especially useful when thinking about services involved in the resale of existing goods. D. All of these are correct.
The term "capital," as used in macroeconomics, refers to
What will be an ideal response?
Assume a government likes a particular equilibrium along the contract curve. It can achieve that equilibrium through competition and income redistribution
Indicate whether the statement is true or false