Refer to the accompanying figure. If the price is $4 today and there is no change in either supply or demand, one would expect the price in the future to be:
A. greater than $6.
B. less than $4.
C. greater than $4.
D. $4.
Answer: C
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The aggregate supply curve (short run) is upward-sloping because ________.
A. wages and other resource prices are flexible upward but inflexible downward B. the price level is flexible upward but inflexible downward C. wages and other resource prices match changes in the price level D. per-unit production costs rise as the economy moves toward and beyond its full-employment real output
An externality occurs whenever
A) private costs are the same as social costs. B) private costs are the same as internal costs. C) private costs diverge from social costs. D) private costs plus internal costs equal social costs.
A tit for tat strategy, players __________
a. Never strikes first b. Responds immediately to cheating c. Limits the punishment to only one period d. All of the above
Which of the following economic variables is exogenous in the Three-Sector-Model?
a. Government spending on goods and services. b. Real GDP. c. GDP price index. d. Quantity of the domestic currency per time period. e. None of the above.