Refer to Scenario 12.2. In this game, there is (are)
A) 4 Nash equilibria.
B) 2 Nash equilibria.
C) 1 Nash equilibrium.
D) zero Nash equilibria.
B
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. What fundamental economic question are they addressing by offering this range of items?
A) What to produce? B) Why produce a variety of items? C) Who to produce the items for? D) How to produce goods that consumers want?
Given the information in Scenario 4.3, what is the point price elasticity of demand?
A) -1/3 B) -1/6 C) -1/10 D) -1/24 E) -5/24
Which of the following companies would gain from foreign currency depreciation?
a. companies which borrow in foreign currency. b. companies which export goods and services. c. companies which invest in the foreign equity markets. d. companies which buy bonds issued by the foreign government.