The United States has a larger real GDP than China because
A. The U.S. population is larger but works in labor-intensive jobs.
B. The U.S. population is smaller but works in labor-intensive jobs.
C. The U.S. population is larger but works in capital-intensive jobs.
D. The U.S. population is smaller but works in capital-intensive jobs.
Answer: D
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Consider the following output-choice game for two firms:
Firm 2 - low Firm 2 - medium Firm 2 - high Firm 1 - low 150, 150 100, 160 75, 100 Firm 1 - medium 160, 100 110, 110 50, 75 Firm 1 - high 100, 75 75, 50 0, 0 What is the outcome of the game if both firms use maximin strategies? A) Both firms choose low output levels. B) Both firms choose medium output levels. C) There is no clear outcome under a maximin strategy for both firms. D) There are two possible maximin outcomes --- Firm 1 chooses medium and Firm 2 chooses low, or Firm 1 chooses low and Firm 2 chooses medium.
If an economy spends 90 percent of any increase in real GDP, then an increase in investment of $1 billion would result ultimately in an increase in real GDP of:
a. $0. b. $0.9 billion. c. $1.0 billion. d. $10 billion.
If government policy makers were worried about the inflationary potential of the economy, which of the following would be a correct fiscal policy change? a. Decrease consumption taxes
b. Decrease government purchases of goods and services. c. Increase government purchases. d. None of the above.
The short-run average total cost curve of a monopolistically competitive firm that incurs a loss will lie below the profit-maximizing price–output combination
a. True b. False Indicate whether the statement is true or false