The narrowest definition of money is:
A. M1.
B. M2.
C. hard money.
D. L.
Answer: C
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A firm’s optimal input proportions may change if
A. input prices change. B. the relative marginal productivities of the inputs change. C. the firm’s optimal output level changes. D. All of the responses are correct.
Which of the following is NOT a factor that determines the price elasticity of demand?
A) the amount that suppliers have made available B) the percentage of a consumer's total budget spent on the good C) the existence of substitutes D) the length of time allowed for adjustments to change in the price of the commodities
Cooperation in repeated prisoner's dilemma situations seems to be enhanced by all of the following except
a. limited punishment schemes b. clarity of conditional rewards c. grim trigger strategy d. provocability--i.e., credible threats of punishment e. tit for tat strategy
If the wage rate were $15, how many workers would be hired?
