If the market demand curve in a perfectly competitive industry shifts left, the demand curve for each existing firm will:
a. shift up
b. shift down.
c. shift right.
d. shift left.
b
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A period in which real GDP in the economy declines for at least six months is referred to as
A) a recession. B) living standards. C) long term growth. D) a positive fluctuation.
In game theory, strategies include ________
A) all possible actions of each player B) only the winning action of each player C) all possible actions and payoffs of each player D) the payoff matrix
Let's look at a simple example—a new building construction program. Government money is spent on goods such as concrete and steel as well as paying workers.
What will be an ideal response?
In a "pure exchange" market:
a. resources are owned only by the government. b. resources are owned by few people. c. people trade money for goods that are produced in the domestic economy. d. there is no production and people trade money for goods that already exist.