The above figure shows the market for pizza. The market is in equilibrium when some of the pizza firms go out of business. What point represents the most likely new price and quantity?
A) A B) B C) C D) D E) E
B
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Which of the following is an example of a product that is nonexcludable and nonrival?
A) a motorcycle B) the court system C) Western lowland gorillas D) a NASCAR event
The expected real interest rate (re) in terms of the nominal interest rate (R) and the expected inflation rate (?e) is given by
A) re = ?e + R. B) re = 2?e + R2. C) re = ?e + R2. D) re = R - ?e. E) re = R2 - ?e.
Consider the same ultimatum game as in the previous question but consider some new preferences reflecting a desire for fairness. In particular, now assume players get 1 util per dollar earned but lose 1/4 util for the absolute difference between their monetary payoffs. Which of the following is an offer that arises in a subgame-perfect equilibrium with these new preferences?
a. 1. b. 2. c. 4. d. 5.
The worst hyperinflation ever recorded happened in:
A. Hungary. B. Zimbabwe. C. Brazil. D. Germany.