When one player has to make a decision before the other player, the situation is called a:
A. commitment game.
B. simultaneous game.
C. sequential game.
D. prisoner's dilemma.
C. sequential game.
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Which of the following may be used by a plumber's union or a medical professional association to restrict membership?
a. all of the following are correct b. long apprenticeship periods c. difficult qualification exams d. stringent education standards e. high initiation fees
The Federal Reserve Bank can ________ and the government can ________ to stimulate aggregate demand in the economy.
A. lower interest rates; increase spending B. lower interest rates; decrease spending C. increase interest rates; decrease spending D. increase interest rates; increase spending
When the price of tea decreases 7%, quantity demanded increases 12%. The price elasticity of demand for tea is ________ and total revenue from tea sales will ________.
A. inelastic; decrease B. elastic; increase C. elastic; decrease D. inelastic; increase
A bank holds its reserves as ________ and ________
A) securities; loans B) vault cash; deposits at the Federal Reserve C) vault cash; loans D) securities; deposits at the Federal Reserve