Which of the following items will be included in official U.S. GDP statistics?
A. Robert paying Ted for a haircut in Chicago.
B. Money spent to clean up a local toxic waste site in Ohio.
C. The dollar value of the annoyance felt by local citizens living near a noisy airport in Georgia.
D. Revenue generated by illegal marijuana growers in Oregon.
E. Revenue generated by legal medical marijuana sales in California.
F. Emily and Rhonda trading an hour of dance lessons for a haircut in Dallas.
Answer(s):
A. Robert paying Ted for a haircut in Chicago.
B. Money spent to clean up a local toxic waste site in Ohio.
E. Revenue generated by legal medical marijuana sales in California.
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A Nash equilibrium occurs when
A) each firm is doing the best it can given its opponents' actions. B) each firm chooses the strategy that maximizes its minimum gain. C) a player can choose a strategy that is optimal regardless of its rivals' actions. D) there is no dominant firm in a market.
Which of the following statements about the elasticity of demand for a monopolist is TRUE?
A) Since a monopolist produces a good with no close substitutes, the price elasticity of demand for the good is zero. B) A monopolist produces a good with demand that is perfectly inelastic because people can not do without the good. C) Since every good has some substitute, even if imperfect, the demand for a good produced by a monopolist will not have zero price elasticity. D) Since the demand curve of a monopolist is downward sloping, the demand for the good must be inelastic.
The "axiomic" view of bargaining is the
a. Strategic view of bargaining b. Non-strategic view of bargaining c. All of the above d. None of the above
Mike recently lost his job as a construction worker. During this unemployment spell, Mike actively searched for work but recently took a job that paid cash "under the table" while he continued to search and collect unemployment payments. Mike would be considered __________ by the Bureau of Labor Statistics but his inclusion would cause the officially reported unemployment rate to __________ the
true unemployment rate. a. an involuntary part-time worker; overestimate b. a discouraged worker; underestimate c. unemployed; underestimate d. unemployed; overestimate e. employed; equal