Consider the case of a teacher who tells students that those who miss more than three classes for any reason will automatically receive a lower grade
A) This is an example of a positive incentive for students to attend class.
B) This is an example of a negative incentive for students to attend class.
C) The teacher is assuming that students are irrational, and she must force them to attend class.
D) Students who miss more than three classes are irrational.
Answer: B
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Game theory reveals that
A) the equilibrium might not be the best solution for the parties involved. B) firms in oligopoly are not interdependent. C) each player looks after what is best for the industry. D) if all firms in an oligopoly take the action that maximizes their profit, then the equilibrium will have the largest possible combined profit of all the firms. E) firms in an oligopoly choose their actions without regard for what the other firms might do.
Everything else held constant, if aggregate output is to the left of the IS curve, then there is an excess ________ of goods which will cause aggregate output to ________
A) supply; fall B) supply; rise C) demand; fall D) demand; rise
Unions face a trade-off between higher wages and
A) fewer available positions. B) more available positions. C) equipment. D) none of the above.
Market-day supply elasticities can vary between 0 and 1
Indicate whether the statement is true or false