Refer to Table 14-1. What is the Nash equilibrium in this game?
A) Star Connections increases its advertising budget, but Godrickporter does not.
B) There is no Nash equilibrium.
C) Both Godrickporter and Star Connections increase their advertising budgets.
D) Godrickporter increases its advertising budget, but Star Connections does not.
D
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If an economic curve has a negative slope, then one variable
A. falls as the other rises. B. changes at a slower rate than another. C. has a smaller value than another variable. D. changes after another variable.
In order to measure gross domestic product, we can follow
A) three approaches: the expenditure approach, the income approach, and the production approach. B) only one approach: the circular flow approach. C) two approaches: the expenditure approach and the income approach. D) only one approach: the national accounts approach. E) three approaches: the expenditure approach, the income approach, and the market-based approach.
One way the government can encourage economic growth is to:
A. protect property rights. B. enforce contracts. C. ensure legal agreements will be upheld. D. All of these actions will encourage economic growth.
Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below.
If the government provides a subsidy of $500 per ton, then the cost of subsidy, which must be borne by taxpayers, will be ________ per day.
A. $2,000 B. $5,000 C. $6,000 D. $500