If a game is a fair bet, then people will be willing to play the game regardless of the payoffs.
Answer the following statement true (T) or false (F)
False
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Let C represent consumption expenditure, S saving, I gross private domestic investment, G government expenditure on goods and services, and X - M net exports of goods and services. Then GDP equals
A) C + S + G + X - M. B) C + S + G - X - M. C) C + I + G + X - M. D) C + I + G - X - M.
Refer to Table 6-5. Katie Graham owns a kayak rental service in Santa Barbara. Table 6.5 shows her estimated demand schedule for kayak rentals per week. She would like to increase her sales revenue by changing the price she charges for rentals
At present she charges $75. Based on the information in the table, Katie A) should raise her price to $80 to increase her revenue because the demand for kayak rentals is price inelastic. B) should raise her price to earn the most revenue. C) should lower her price to $60 to increase her revenue because the demand for kayak rentals is price elastic. D) is not able to increase her revenue by changing her price because the demand for kayak rentals is unit elastic.
When a country takes a unilateral approach to free trade, it
a. removes trade restrictions on its own. b. reduces its trade restrictions while other countries do the same. c. does not remove trade restrictions no matter what other countries do. d. is willing to trade with multiple countries at once.
Advances in information and communication technology are the principal factors cited for the:
A. slowdown in productivity growth between 1973 and 1995. B. speedup in productivity growth since 1995. C. slowdown in productivity growth since 1995. D. speedup in productivity growth between 1973 and 1995.