Full employment occurs only when the unemployment rate is 0%
a. True
b. False
B
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The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. The Nash equilibrium in this game
A) does not exist. B) occurs when both firms set a low price. C) occurs when both firms set a high price. D) occurs when firm A sets a high price and firm B sets a low price.
As imports rose in 13 major industries studied by Shepherd, these U.S. producers, finding themselves at a cost and quality disadvantage relative to imported goods, initially responded by
a. improving technology b. exiting the industry c. seeking trade barriers d. asking that quotas and tariffs be removed e. raising prices to recoup their losses
Which of the following is true of a human mind?
a. A human mind seldom makes consistent error-free calculations. b. A human mind can attend to more than a handful of concepts at one time. c. A human mind can fully analyze the interrelationships between different concepts. d. A human mind can navigate through complex logic to correct conclusions.
How many U.S. dollars does a U.S. importer need to pay for an invoice of 1 million yen when the price of 1 yen is $0.006?
A. $1.66 million B. $1,666 million C. $6,000 D. $166.7