In the game in Scenario 13.11, equilibrium is
A) R1, C1.
B) R1, C2.
C) R2, C1.
D) R2, C2.
E) a mixed strategy based on all four pure strategies.
D
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If you expect a general price increase of 5% this year and the price of the hamburgers you sell increases by 10%, you would conclude that the relative price of your good has
A) declined, and you would increase your output. B) declined, and you would decrease your output. C) increased, and you would increase your output. D) increased, and you would decrease your output.
As a result of moving more decision making from the periphery of the organization toward the center, typically
a. the flow of information to the decision maker that is relevant to the decision should be enhanced b. the flow of information from the decision maker that is relevant to the decision should be enhanced c. the incentive structure for the decision maker should be strengthened d. the incentive structure for the decision maker can be eliminated
If the exchange rate of the English pound goes from $1.50 to $2.00, the pound has
a. appreciated, and the English will find U.S. goods cheaper. b. appreciated, and the English will find U.S. goods more expensive. c. depreciated, and the English will find U.S. goods cheaper. d. depreciated, and the English will find U.S. goods more expensive.
Economic growth is:
A. a result of having more natural resources, land or capital. B. an increase in our economy's potential output. C. represented by the long-run aggregate supply curve shifting to the right. D. All of these are true.