Refer to Figure 10.1. The Nash equilibrium occurs on the ________ page, in the ________ cell
A) Contribute; upper-left
B) Contribute; lower-right
C) Don't Contribute; lower-right
D) Don't Contribute; upper-left
C
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Suppose this year Angola borrows $100 million from foreign countries, while it lends $15 million to other countries. Angola definitely is a
A) net borrower. B) net lender. C) creditor nation. D) debtor nation.
In the short run, each firm in a perfectly competitive market is free to
a. increase its plant size b. vary its output level within its existing capacity c. exit the industry without losses d. set a price above the market price e. decrease its plant size
If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. lower; uncertain B. higher; higher C. uncertain; lower D. lower; lower
An increase in government spending is more likely to lead to higher inflation when
A. real GDP is above potential GDP. B. the business cycle is near the trough. C. the unemployment rate is above the natural rate. D. the economy is in a recession.