Most nations all over the world have raised trade barriers over the past decade.
a. true
b. false
Ans: b. false
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A dominant strategy is one which
a. is best for a player no matter what strategy the other player chooses. b. is optimal given the other player's strategy, but may not be optimal should the other player switch strategies. c. will lead to a Pareto-optimal outcome. d. will be chosen by the first player in a sequential game.
Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 2 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
A. positive and greater than $10,000. B. zero. C. positive but less than $10,000. D. negative.
What would be the opportunity cost of a child using a coupon for a free ice cream cone?
a. the dollar cost of the cone she selected b. the other types of ice cream she could have selected c. zero - because the good was not a durable good d. zero - because the good was free
In the 1970s, why did the short-run Phillips curve fail to depict the unemployment–inflation trade-off?
What will be an ideal response?