The largest component of output growth in the U.S. is
a. labor productivity growth.
b. capital growth
c. labor growth.
d. knowledge growth.
e. None of the above.
A
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If mixed strategies are allowed in the Copycat Game, a Nash equilibrium will result if
a. both players randomly choose their strategies by flipping a fair coin. b. one player randomly chooses his strategy by flipping a fair coin, while the other player uses a pure strategy. c. one player randomly chooses his strategy by flipping an unfair coin, while the other player uses a pure strategy. d. both players stick to using pure strategies.
A reduction in the price charged for luncheon specials by a downtown cafeteria will
A) affect the demand (curve) for that cafeteria's luncheons if its competitors react. B) have no effect on the demand for lunch at other downtown restaurants. C) increase the cafeteria's gross revenue from lunch business. D) increase the cafeteria's net revenue from lunch business if the demand is elastic. E) increase the cafeteria's net revenue from lunch business if the demand is inelastic.
Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, B to C, and C to A, which of the following concepts are violated?
a. Transitivity b. Arrow's impossibility theorem c. Median voter theorem d. None of the above concepts are violated.
Higher inflation makes relative prices
a. more variable, making it more likely that resources will be allocated to their best use. b. more variable, making it less likely that resources will be allocated to their best use. c. less variable, making it more likely that resources will be allocated to their best use. d. less variable, making it less likely that resources will be allocated to their best use.