For a monopolist, the price effect:
A. is the increase in revenues from selling a greater quantity at a lower price.
B. is always outweighed by the quantity effect.
C. is the decrease in revenues from selling a greater quantity at a lower price.
D. always outweighs the quantity effect.
C. is the decrease in revenues from selling a greater quantity at a lower price.
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If Australia purchases $200,000 of oil from Saudi Arabia, this would mean ________.
A. Australia's balance of payments is $200,000 B. there is a credit in Australia's current account C. the change in Australia's capital and financial accounts must be zero D. the sum of the financial and capital accounts in Australia must increase by $200,000
The difference between microeconomics and macroeconomics is that
A) microeconomics looks at supply and demand for goods, macroeconomics looks at supply and demand for services. B) microeconomics looks at prices, macroeconomics looks at inflation. C) microeconomics looks at individual consumers, macroeconomics looks at national totals. D) microeconomics looks at national issues, macroeconomics looks at global issues.
As defined by Thomas Schelling, a "strategic move" is
A) any strategy choice in a game. B) any strategy choice consistent with Nash equilibrium. C) any strategy choice in a sequential game. D) a strategy choice that influences the subsequent strategy choice of another player. E) a strategy choice that restricts the set of outcomes available to another player.
The source of diminishing returns is
A. that when each worker is equally capable, each worker adds to production exactly the same as the previous one. B. the fact that anytime you increase labor you get more output. C. the efficiency that results from workers specializing in one aspect of production. D. the inefficiency that results from the fact that capital is fixed.