When the dollar value of the euro is high:
A. travel in the U.S. is less expensive for Europeans.
B. travel in the U.S. is more expensive for Europeans.
C. the dollar has appreciated.
D. travel in Europe is less expensive for Americans.
A) travel in the US is less expensive for Europeans
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The Matching Pennies game is an example of a:
A) constant-sum game. B) nonconstant sum game. C) game with an equilibrium in dominant strategies. D) none of the above
Figure 10-2
In Figure 10-2, which segment of the aggregate supply curve has the smallest multiplier effect?
a.
AB
b.
BC
c.
CD
d.
DG
Average total cost is
A) total cost divided by the quantity of output produced. B) total explicit costs divided by the quantity of output produced. C) variable cost divided by the quantity of output produced. D) the change in fixed plus variable cost divided by the quantity of output produced.
All of the following are examples of nonprice competition except
A. Zero economic profit. B. Differentiation of service. C. Advertising. D. Quality differences.