Refer to the game between James and Theodore depicted in Figure 12.2. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Up.
A. If James chooses Up, Theodore's best response is to choose Left.
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The positive externality associated with education is:
a. producers can get higher prices for their goods and services. b. less crowding in the classrooms. c. increases in societal well-being and economic growth. d. technological progress slows as basic research increases. e. the market excludes noncontributors to education from benefits.
You receive a $1,000 gift from your grandmother when you graduate from college. Your grandmother withdrew the $1,000 from her checking account and gave you ten $100 bills. You deposit the ten bills into your checking account. Discuss the impact of these transactions on your grandmother's balance sheet, your balance sheet, and the Fed's balance sheet.
What will be an ideal response?
My income rose and the price of good Y rose also. That means that my demand curve for good X shifted right.
A. This statement will always be true if good Y is a substitute for good X. B. This statement will always be true if good Y is a substitute for X and X is a normal good. C. This statement will always be true if good X is a normal good. D. This statement is always true.
Use the following graph for a perfectly competitive firm to answer the next question.
The lowest price at which the firm should produce (as opposed to shutting down) is
A. P1. B. P2. C. P3. D. P4.