Which of the following generalizations is derived from the economist's framework?
A. Government regulations have the same impact whether they are designed on the basis of cost/benefit analysis or were developed as a reaction to real-world events.
B. Policies that relieve immediate suffering often have the best long-run consequences.
C. Sound policies often are prevented by individuals' self-interest-seeking activities.
D. Politicians always take too long to enact regulations because they must wait for economic advisors to perform a cost/benefit analysis.
Answer: C
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If Best Lights and Bright Lights are competing in a duopoly and it is always best for Best Lights to charge a price of $4 regardless of the price Bright Lights charges, then charging $4 is ________ for Best Lights.
A) a pure, but not dominant strategy B) a dominant, but not pure strategy C) a dominant and pure strategy D) neither a dominant nor pure strategy
As a result of the Great Recession, job growth did not resume until
a. September 2008 b. March 2009 c. September 2009 d. March 2010
The lime drinks industry and the cola drinks industry are both operating as oligopolies. The two firms in the lime drinks industry agree to form a cartel, while the three firms in the cola drinks industry are unable to come to an agreement. In the given scenario, which of the following statements is true?
a. The producers of lime drinks will share monopoly profits, while the producers of cola drinks will have profit levels typical of competition. b. The producers of lime drinks will have the profit levels of monopolistic competitors, while the producers of cola drinks will eventually have zero profits. c. The producers of lime drinks will eventually have zero profits, while the producers of cola drinks have the profit levels of perfect competitors. d. The producers of lime drinks will have profit levels like perfect competitors, while the producers of cola drinks will share monopoly profits.
A flow is a measure defined:
A. in nominal terms. B. in real terms. C. at a point in time. D. per unit of time.