Game theory is important for the understanding of
a. competitive markets.
b. monopolies.
c. oligopolies.
d. all market structures.
c
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The circular flow of income describes the
A) flow of income from domestic firms to the nonproduction sector and back again. B) amount of money in the economy. C) sum of all injections into the economy. D) sum of all withdrawals from the economy.
According to published data pertaining to unemployment rates in selected European countries, the natural rate of unemployment
a. has been rising over the past three decades. b. declined sharply over the last three decades. c. has been lower than in the U.S. in the 1990s. d. has not changed much over the past three decades. e. Both a and c
According to evidence provided by the U.S. government, the median black
a. woman is paid roughly the same as the median white woman. b. woman is paid roughly the same as the median black man. c. man is paid 21 percent less than the median white man. d. All of the above are correct.
In the short run a manufacturing firm's production equipment is a sunk cost.
Answer the following statement true (T) or false (F)