Any rule that is used to make a choice is a
A. positive-sum game.
B. zero-sum game.
C. strategy.
D. rational decision.
Answer: C
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A perfectly contestable market is one in which there are excessive costs to entry and exit.
Answer the following statement true (T) or false (F)
All else held equal, economists would prefer a tariff over an import quota because
A. domestic producers can charge higher prices with a tariff than with an import quota. B. compared with an import quota, a tariff enables consumers to pay lower prices. C. a tariff enables the government to collect revenue, whereas an import quota does not. D. a tariff allows the market to adjust import quantities if domestic supply, domestic demand, or world price changes.
Which of following is responsible for investigating fraudulent advertising?
a. Federal Reserve b. Bureau of Standards c. Federal Trade Commission d. Department of Justice.
The price elasticity of new automobile purchases is about 1.2 . This implies that an increase of $1,000 on a $10,000 automobile will
a. reduce the number of autos sold by approximately 1.2 percent. b. increase the consumer expenditures on autos by approximately 1.2 percent. c. reduce the number of autos sold by approximately 12 percent. d. increase consumer expenditures on autos by approximately 12 percent.