A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock.
B. long-run demand shock.
C. long-run supply shock.
D. short-run demand shock.
Answer: A
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During World War II, whenever interest rates would rise and the price of bonds would begin to fall, the Fed would
A) lower reserve requirements. B) raise reserve requirements. C) make open market purchases of government securities. D) make open market sales of government securities.
According to the concept of framing, when a customer calls a hotel regarding a reservation the hotel reservationists generally state room rates as the _____
a. lowest they charge during peak demand periods b. average they charge during peak demand periods c. highest they charge during peak demand periods and then discount those rates d. lowest they charge during off-peak demand periods e. highest they charge during off-peak demand periods and then discount those rates
George is a gift giver and Roger is a gift recipient. George has Roger in his utility function, but Roger does not have George in his utility function. Roger may try to get George to __________________ George's efficient number of gifts to (give)
A) give more gifts to him than B) reduce the number of gifts he receives below C) increase the number of gifts he receives beyond D) a and b E) a and c
Refer to the payoff matrix. Suppose that Speedy Bike and Power Bike are the only two bicycle manufacturing firms serving the market. Both can choose large or small advertising budgets. If this is a repeated game with no cooperation or reciprocity, which cell represents the final outcome we would expect to occur?
A. A.
B. B.
C. C.
D. D.