A system for studying strategic behavior in economics is called
a. decision science.
b. political economy.
c. game theory.
d. solution concepts.
c. game theory.
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What is the shape of a perfectly elastic demand curve? Explain its significance for a seller.
What will be an ideal response?
As defined by economists, interest is
a. only the amount earned by productive capital as a resource b. only the amount earned by land as a resource c. only the amount earned by lending money d. both the amount earned by productive capital as a resource and the amount earned by lending money e. both the amount earned by land as a resource and the amount earned by lending money
At a price of $4.95, a pulp fiction novel is expected to sell 9,000 copies. If the novel is offered for sale at a price of $3.95, then the publisher can expect to sell
a. It is impossible to predict the effect of a lower price on sales. b. less than 9,000 copies. c. 9,000 copies. d. more than 9,000 copies
A multinational agency that specializes solely in making loans to promote long-term development and growth in developing countries is the
A. International World Fund. B. Federal Reserve System. C. International Monetary Fund. D. World Bank.