Use the above table and assume a fixed cost of $200. At an output of 3, AVC is
A. $133.
B. $167.
C. $200.
D. $500.
B. $167.
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One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.
An example of a U.S. import would be:
A. a French bottle of wine consumed by an American. B. an Apple computer, made in the U.S., purchased by a U.S. college student who plans to study abroad in France. C. a bushel of apples that Canadians pick and enjoy during a lovely fall day in Vermont. D. an Apple computer, made in the U.S., purchased by a French student.
Fill in the blank: Information is a ________ good
A) free B) scarce C) futile D) non-economic
Which of the following did not contribute to the U.S. banking collapse of 1929-1933?
a. The Federal Reserve System and other government agencies did not act quickly or decisively enough b. Deposit insurance did not exist at that time. c. The banking industry consisted of only a few very large banks. d. The fact that the economy was in a continuous downward spiral during this period undermined depositors' confidence in the solvency of the banks.