The representative agent chooses to consume
a. his endowment point.
b. equal amounts of current and future goods.
c. more future goods than current goods.
d. the basket of goods where the slope of the indifference curve equals -1.
a. his endowment point.
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The Nash equilibrium for the game is
a. For both stores to advertise b. For megastore to advertise and for superstore not to advertise c. For megastore not to advertise and for superstore to advertise d. For both stores to not advertise
Describe the main explanations for the downward rigidity of wages in the modern macroeconomy. Evaluate their probability of being correct and important
It may be necessary to ration a good whenever ___________ exists.
A. a surplus B. excess demand C. excess supply D. None of these choices are correct.
A program under which the government gives all citizens a substantial lump sum payment that is financed by a tax earned income is termed a(n):
A. unearned income tax credit. B. in-kind transfer. C. positive income tax. D. negative income tax.