A an example of a game in which a leader moves first, and then the other rivals follow is a ________ game
A) Stackelberg model
B) Cournot model
C) finite move
D) tit-for-tat
A
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The ________ is calculated as the number of people ________ divided by the labor force multiplied by 100
A) unemployment rate; unemployed B) employment-to-population ratio; unemployed C) employment rate; employed D) employment-to-population ratio; in the working age population
An inferior good is one that
a. people consume if their income falls b. people consume more of if their income falls c. people never consume d. people consume if their income rises e. people consume more of if their income rises
When economists say scarcity, they mean:
A. there are only a limited number of consumers who would be interested in purchasing goods. B. the human desire for goods exceeds the available supply of time, goods and resources. C. most people in poorer countries do not have enough goods. D. goods are so expensive that only the rich can afford it.
Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.