In game theory, the three key characteristics of a game are
A) rules, strategies, and payoffs.
B) rules, regulations, and payoffs.
C) winners, losers, and rules.
D) risks, rewards, and penalties.
Answer: A
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People view alcohol and marijuana as perfect substitutes. This means that
A) individuals will consume either alcohol or marijuana, but not both, regardless of price. B) as the price of alcohol decreases, marijuana use decreases. C) the marginal utility for alcohol and marijuana is constant. D) Both B and C.
Place point Q on the graph to indicate an unemployment rate of 100 percent, point R to indicate full employment and point S to indicate where the United States economy usually operates.
After firm A producing one good acquired another firm B producing another good, it raised the prices for the bundle of goods. One can conclude that the goods were
a. substitutes b. complements c. not related d. None of the above
The short-run macro model
a. is an attempt to explain why the economy tends to perform better in the short run than in the long run b. was developed during the Great Depression to explain the economy's continuing poor performance c. lost its popularity during the 1950s d. was developed during the early 19th century e. explains the forces that work to drive the economy to full employment