Refer to Table 14-3. Is there a dominant strategy for Saudi Arabia and, if so, what is it?
A) Yes, the dominant strategy is to produce a low output.
B) Yes, it has a dominant strategy depending on what Nigeria does.
C) Yes, the dominant strategy is to produce a high output.
D) No, there is no dominant strategy.
A
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The local barber in a small town has decided to raise the price of his haircuts by 25% because he realizes he is the only barber in town and of course "everyone has to get a haircut"
His rational is that the demand for his services is price inelastic? What mistake is he making?
Domestic currency appreciation will:
A) help domestic firms that export and hurt domestic firms that import. B) hurt domestic firms that import. C) hurt domestic firms that export and help domestic firms that import. D) help domestic firms that export.
An downward shift in a worker’s budget line is a result of
a. an increase in the wage rate. b. a decrease in the wage rate c. an increase in nonlabor income. d. a decrease in nonlabor income.
In the markets for factors of production in the circular-flow diagram,
a. households provide firms with labor, land, and capital. b. households provide firms with savings for investment. c. firms provide households with goods and services. d. firms provide households with revenue.