Refer to Figure 10.8. Other things equal, a decrease in the nominal money supply would best be represented by
A) a movement from point A to point C.
B) a movement from point A to point D.
C) a shift from LM1 to LM2.
D) a shift from LM2 to LM1.
D
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The total burden of a tax equals tax receipts plus excess burden.
Answer the following statement true (T) or false (F)
Which one of the following people is not a member of the labor force?
a. A full-time student who devotes all her time to her classes. b. A person who works 30 hours a week at Burger King and goes to school at night. c. The man who was fired last week and is searching for a new job. d. The President of the United States. e. A professional athlete.
Which of the following statements about Nash equilibrium is true?
a. Every finite game has more than one Nash equilibrium. b. A pair of dominant strategies in a price-fixing game is always a Nash equilibrium. c. A dominance solvable game does not have a Nash equilibrium. d. Games with an infinite number of strategies have multiple Nash equilibria.
Pure monopoly is not studied because of its descriptive realism, but because it is a stepping stone toward more realistic models
a. True b. False Indicate whether the statement is true or false