In the Cournot model, each firm assumes that its rival will ____ its output when the firm adjusts its own output. Which word best completes the sentence?
a. increase
b. not change
c. decrease
d. adjust
b
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Refer to Table 2-18. What is Mickey's opportunity cost of making an umbrella?
A) 1/5 of a hat B) 5 hats C) 10 hats D) 50 hats
In the United States, (gross) investment has fluctuated between ________ of GNP in recent years
A) 2 and 12 percent B) 11 and 22 percent C) 22 and 32 percent D) 32 and 42 percent E) 42 and 52 percent
An economic benefit of capital outflows is that they
A) create future income payment inflows. B) increase domestic investment. C) reduce domestic saving. D) reduce domestic unemployment.
The amount of money in an economy that people can invest is equal to:
A. their income. B. the value of their output. C. the value of consumption after gains from trade have been made. D. their savings.