Approximately what percentage of the world's economies experience scarcity?
a. 10%
b. 40%
c. 85%
d. 100%
d
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Which of the following statements is true?
A. Deflation is an increase in the general level of prices. B. The consumer price index (CPI) measures changes in the average prices of consumer goods and services. C. The real interest rate equals the nominal rate of interest plus the inflation rate. D. Real income is the actual number of dollars received over a period of time.
A strategy that limits defection in a repeated prisoner's dilemma game is:
A. a tit-for-tat strategy. B. an ultimatum bargaining game. C. a Nash equilibrium. D. a cartel.
Refer to Scenario 13.16. If Gooi moves first, the payoff in equilibrium will be
A) $150, $0. B) $150, $300. C) $400, $150. D) $50, $50. E) $650, $450.
Suppose Good A is a normal good. Which of the following will increase the demand for Good A?
A) an increase in the price of its substitutes B) a lower expected future relative price of A C) an increase in the price of its complements D) a decrease in income