At the current level of output, the marginal social benefit from a slice of pizza is less than the marginal social cost of producing a slice of pizza
Resources will be used more efficiently if ________ slices of pizza are produced and ________ other goods are produced. A) fewer; fewer
B) more; fewer
C) more; more
D) fewer; more
D
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One argument for cyclical unemployment is
a. high labor force participation. b. a downturn in the economy. c. sticky downward wages. d. an upturn in the economy.
Which of the following is an example of an efficiency wage?
a. a high wage paid to compensate for dangerous work such as coal mining b. an above-equilibrium wage offered by a firm to attract a more talented pool of job applicants c. a wage below the minimum wage but supplemented by customer tips d. a high wage paid to a college graduate for a high-skill job such as electrical engineering
Zippy's and Tony's are rival pizza restaurants in a small town (together they form a local duopoly). Zippy's management determines that if it increases its advertising expenditures, it will increase profits regardless of whether Tony's
increases its advertising budget. Based on this information, we can conclude that: A. this is a one-time game. B. Zippy's has a dominant strategy in this advertising game. C. this advertising game will reach a Nash equilibrium. D. Zippy's has first-mover advantages in this advertising game.
In January of 2006, the Federal Reserve
A. increased its target federal funds rate by a smaller amount than it had in several years. B. increased its target federal funds rate by a larger amount than it had in several years. C. increased its target federal funds rate by the same amount as it had in recent years. D. left its target federal funds rate unchanged.