Often, when no player has a dominant strategy
A) there is a dominated strategy.
B) there is a chance for circular reasoning.
C) then another player is needed.
D) then there is a competitive market.
B
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The figure above shows the U.S. demand for labor curve. If there is a simultaneous increase in the nominal wage rate of 10 percent and a 10 percent increase in the price level, there will be a
A) movement upward along the demand for labor curve from a point such as C to a point such as B. B) leftward shift of the demand for labor curve. C) movement downward along the demand for labor curve from a point such as A to a point such as B. D) rightward shift of the demand for labor curve. E) None of the above answers is correct because there is no change in the demand for labor curve.
In the circular flow model, the expenditures on goods and services flow in the
A) same direction as goods and services in all cases. B) same direction as goods and services only if they both flow through the goods market. C) same direction as goods and services only if they both flow through the factor market. D) opposite direction as goods and services. E) same direction as factor markets.
If price rises, what happens to the demand for a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain--economic theory has no answer to this question.
According to New Keynesians, an increase in which of the following will tend to cause the inflation rate to increase?
A. anticipated future inflation B. an unexpected increase in aggregate demand C. firms' average inflation adjusted per-unit costs of production D. all of these