A game in which the players neither negotiate nor coordinate in any way is a
A) cooperative game.
B) noncooperative game.
C) zero-sum game.
D) negative-sum game.
B
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Which of following is a key assumption of a perfectly competitive market?
A) Firms can influence market price. B) Commodities have few sellers. C) It is difficult for new sellers to enter the market. D) Each seller has a very small share of the market. E) none of the above
In order for a production possibilities curve to shift to the right, which of the following must occur?
A) government involvement B) increasing consumer wants C) economic growth D) reductions in the supply of resources
The total fixed cost remains constant as which of the following varies?
a. Cost of resources. b. Time. c. Output in a given period of time. d. Profit.
Economists who stress the store of value function of money generally
a. argue that M1 is the best measure of the money supply. b. prefer the M2 measure of the money supply to the M1 measure. c. argue that M1 is too broad a definition of the money supply. d. prefer the M1 measure of the money supply to the M2 measure.