Repeated play can change the outcome in sequential games by:
A. reducing the first-mover advantage.
B. making collusion more probable.
C. removing the incentive to cooperate.
D. increasing the incentive to defect.
Answer: A
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If the equilibrium exchange rate for the dollar is 110 yen per dollar and the current exchange rate is 120 yen per dollar, then the
A) supply curve of U.S. dollars shifts rightward. B) dollar will depreciate. C) dollar will appreciate. D) demand curve for U.S. dollars shifts rightward.
Figure 4-18
Refer to . If the government imposes a price ceiling of $2.00 in this market, the result is a
a.
surplus of 30 units of the good.
b.
shortage of 20 units of the good.
c.
shortage of 30 units of the good.
d.
shortage of 50 units of the good.
Advertising is a waste of money and just drives up costs and thus price to consumers.
Answer the following statement true (T) or false (F)
An example of an acquired comparative advantage is
A. United States consumers buying television sets produced in Japan because Japanese companies have a reputation for producing a higher-quality TV than those produced in the United States. B. the United States producing more agricultural products than other countries because land is more abundant in the United States than in other countries. C. the United States purchasing coconuts from other countries, because they cannot be produced in the United States. D. United States companies selling to other countries chemical products that cannot be sold in the United States.