Your teacher decides to play a game where every student must contribute a dollar. All money collected is distributed at the end of the game among the students. This is an example of a
A) positive-sum game.
B) zero-sum game.
C) strategy.
D) negative-sum game.
Answer: B
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The cross price elasticity of demand between two goods is 50. We may conclude that
A) the two goods are very complementary and probably are sold together. B) the two goods are poor substitutes for each other. C) the demand for one of the goods is likely to be fairly elastic and the demand for the other good is likely to be fairly inelastic. D) the demand for each of the goods is likely to be very elastic.
The time inconsistency of monetary policy means that
a. once people have formed expectations of low inflation based on a promise by the central bank, the central bank is tempted to raise inflation to lower unemployment. b. at some times central banks think it is more important to keep unemployment low; at other times, they think it is more important to keep inflation low. c. monetary policy is not consistent across time because it is influenced by politics. d. monetary policy is not consistent across time because policymakers are incompetent.
A shortage of hospital beds in a hospital services market will lead to:
a. a decrease in the demand for hospital beds. b. upward pressure on the price of a hospital stay. c. a construction boom to eliminate the shortage. d. an increase in the supply of hospital beds. e. downward pressure on the price of a hospital stay.
If the demand curve for computers increases:
a. More will be demanded at lower prices b. Less will be purchased at each possible price c. More will be demanded at the same prices d. More will be purchased at each possible price