The Phillips curve appeared to fit the data well for the United States in the
A. 1960s.
B. 1970s.
C. 1990s.
D. 1980s.
Answer: A
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Suppose consumers view the George Foreman Grill and the Weber charcoal grill as close substitutes. Other things constant, a fall in the price of the George Foreman Grill would tend to
A) increase the demand for the Weber grill. B) increase the demand for the George Foreman Grill. C) decrease the demand for the Weber grill. D) decrease the demand for the George Foreman Grill.
Which of the following is not a determinant of a firm's cost functions?
A) The production function. B) The price of labor. C) The productivity of the firm's capital stock. D) The price of the firm's output.
In the case study discussed in the chapter, the electronics firm was actually enhancing its profits by selling calculators at a price that was below average cost.
Answer the following statement true (T) or false (F)
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Cruise R Us and Cruise the World compete in the cruise line industry. Each firm needs to determine if they are going to offer special cruise packages with special rates or not offer the specials. The above payoff matrix shows the firms' net economic profit for each set of strategies.
A) There are two Nash equilibria in this game.
B) There is one Nash equilibrium in this game.
C) There are three Nash equilibria in this game.
D) There are no Nash equilibria in this game.