If the price of hamburger rises, we would expect the demand for steak to shift to the right
a. True
b. False
Indicate whether the statement is true or false
True
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Game theory assumes that players in the game act
a. Rationally b. Optimally c. In their own self-interest d. All the above
What is the main cause of high inflation rates in middle and low income countries?
a. Citizens save most of their income lowering aggregate demand. b. Citizens spend most of their income pushing up prices. c. The government pays for its budget deficits by printing money. d. The government pays for its budget surplus by printing money.
A situation in which the long-run average total cost of production falls as the quantity of output increases is called increasing returns to scale
a. True b. False Indicate whether the statement is true or false
Refer to Figure 2-4. Unemployment could cause this economy to produce at which point(s)?
a. Q, S
b. Q, S, T
c. R, U
d. T