Related to the Economic in Practice on p. 710: As corruption falls in a country, cost of production usually rises.
Answer the following statement true (T) or false (F)
False
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If the desired reserve ratio increases, then
A) banks' desired reserves increase and their excess reserves decrease. B) bank customers become more willing to make deposits in banks. C) banks are able to make more loans. D) banks can buy more government securities. E) the Fed has supplied banks with more reserves.
If a strategy is a best response, then
A) it will never be played. B) it will never be part of a Nash equilibrium. C) A and B are correct. D) it could be part of a Nash equilibrium.
In perfect competition, a firm’s marginal revenue equals the price of the product.
Answer the following statement true (T) or false (F)
Which of the following is always wrong, regardless of what other information may be given to you?
a. Hiring a worker when her marginal physical product is decreasing. b. Hiring a worker when her marginal physical product is positive. c. Hiring a worker when her marginal physical product is increasing. d. Hiring a worker when her marginal physical product is negative. e. Hiring a worker when her MRP > W.