Economist believe that most short-run fluctuations are the result of:
A) Unexpected changes in the availability of imported resources
B) Supply shocks
C) Demand shocks
D) Negative supply shocks
Ans: C) Demand shocks
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A game is called a simultaneous move game if ________
A) players choose their actions at the same time B) one player chooses her action after the other player makes a move C) players choose mixed strategies to play the game D) players choose their dominant strategies to play the game
Average tariff levels in the United States in the last decade are
A) about equal to the average since 1930. B) above the average since 1930. C) positive, but below the average since 1930. D) zero, as there are no longer any tariffs in the United States.
In a private closed economy _____ investment is equal to saving at all levels of GDP and equilibrium occurs only at that level of GDP where _____ investment is equal to saving
A. planned; actual B. actual; planned C. gross; net D. net; gross
Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. In this market there will be an excess supply of 600 pizzas at a price of
A. $3. B. $6. C. $12. D. $15.