The Great Depression consisted of how many business cycles?
A. 1
B. 2
C. 3
D. 4
Answer: B
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q380g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />To Mexico, the payoff to cheating is either:
A. $80 million or $110 million.
B. $150 million or $200 million.
C. $100 million or $110 million.
D. $60 million or $100 million.
Refer to the table above. If the market price of wine is $8/bottle, and the market demand for wine is 19 bottles, David's consumption of wine is:
A) 4 bottles. B) 9 bottles. C) 7 bottles. D) 12 bottles.
Macroeconomics, as opposed to microeconomics, includes the study of what determines the level of
A) employment in a specific industry. B) employment in the economy. C) output of a specific firm. D) output of a specific industry.
An increase in foreign output would cause the domestic country's net exports to ________ and cause the domestic country's IS curve to ________.
A. rise; shift up B. rise; shift down C. fall; shift up D. fall; shift down