If two goods are strong substitutes, cross elasticity is
a. negative
b. positive
c. between zero and one
d. zero
e. one
B
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Refer to Figure 3.2. The Nash equilibrium is where
A) Wilma plays North and Betty plays West. B) Wilma plays North and Betty plays East. C) Wilma plays South and Betty plays East. D) There is no Nash equilibrium in this game.
What does unlimited liability mean?
A) The personal assets of the owners cannot be claimed if the business is bankrupt. B) Only employees can have a claim on the assets of the business. C) The owners of the business are personally responsible for paying expenses incurred by the business. D) Anybody with a liability against a firm can claim up to three times their liability.
Tariff revenue is an important source of operating revenue for many governments of high income countries
Indicate whether the statement is true or false
The monetary base will increase if
A) currency outstanding decreases. B) loans by the Fed to commercial banks decrease. C) bank reserves increase. D) vault cash in banks increases.