A noncooperative game situation may occur when
A) firms collude.
B) firms find collusion too costly.
C) firms merge.
D) firms agree to price fixing.
Answer: B
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Neoclassical growth theory proposes that
A) technological progress increases the population growth rate and drives down real wages. B) real GDP per person grows because technological change increases profit opportunities. C) real GDP growth is caused by growth in the population. D) discoveries result from choices that increase profits.
If prices in the bond market become more volatile, everything else held constant, the demand curve for bonds shifts ________ and interest rates ________
A) left; rise B) left; fall C) right; rise D) right; fall
In words, the equation of exchange says that
A) the total amount spent on final output equals the amount received for final output. B) the amount of money in circulation equals the velocity of the price level. C) changes in the money supply will have no impact on the amount spent on final output. D) when velocity equals 1, nominal GDP equals the price level.
Holding other factors constant, if oil prices rise relative to the prices of other products, then the real wages of oil workers will ________ and employment of oil workers will ________.
A. decrease; not change B. decrease; increase C. increase; increase D. increase; decrease