Game theory is not useful for analyzing perfectly competitive markets.
Answer the following statement true (T) or false (F)
True
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A price floor is a price
A) below which a seller cannot legally sell. B) above which a seller cannot legally sell. C) that creates a shortage of the good if it is set above the equilibrium price. D) Both answers A and C are correct. E) Both answers B and C are correct.
According to economic theory, the democratic political processes tend to produce
A) unstable aggregate demand policies with a bias toward expansion. B) unstable aggregate demand policies with a bias toward contraction. C) stable aggregate demand policies, but only if economists are elected to office. D) stable aggregate demand policies that are in the best interests of the nation as a whole. E) economic policies that harm everybody.
George Gnat subscribes to a monthly pest control service for his home
Last week the owner of the service informed George that he will have to raise his monthly service fee because of increases in the price of gasoline used by his workers on their service trips. How is the market for pest control services affected by this? A) There is a decrease in the demand for pest control services. B) There is a decrease in the supply of pest control services. C) There is a decrease in the quantity of pest control services supplied. D) There is an increase in the supply of pest control services.
According to a recent study, college students who graduate during an economic recession end up accepting jobs that, on average, pay ________ less than the jobs accepted by students who graduate during economic expansions, and will continue to earn
less for ________ after they graduate. A) 26%; 5 years B) 9%; 8 to 10 years C) 4%; 3 to 5 D) 17%; 12 to 15