If this is a closed economy, the price of a TV will be ________.
A. $75
B. $175
C. $275
D. $125
Answer: B
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Suppose that, in a sequential game, the first player chooses the strategy with the highest payoff, taking into account an optimal response from the second player. The outcome that results is
a. a Nash equilibrium. b. Pareto optimal. c. a Prisoners' Dilemma. d. a Stackelberg equilibrium.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Refer to Figure 13-11. The firm represented in the diagram
A) makes zero economic profit. B) should exit the industry. C) makes zero accounting profit. D) should expand its output to take advantage of economies of scale.
Final goods or services used to compute GDP refer to: a. the sum of all wages paid to laborers
b. the factors of production used to produce output. c. goods and services purchased by the ultimate users. d. the value of outstanding shares of stock of manufacturing firms.