If the cross-price elasticity of demand between beer and wine is 0.31, then beer and wine are
A) substitutes. B) complements.
C) price-inelastic goods. D) necessities.
A
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Refer to Game Matrix V. Which of the following values of X and Y result in the only Nash Equilibrium being (No, No) and there not being a Prisoners’ Dilemma?
a. X = 21, Y = 9. b. X = 19, Y = 11 c. X = 31, Y = 11. d. It is not possible for (No, No) to be a Nash Equilibrium and for there not to be a Prisoners’ Dilemma.
In constructing the planned autonomous demand schedule, which two components are assumed to depend on the interest rate?
A) government expenditures and net exports B) government expenditures and net taxes C) autonomous consumption and autonomous planned investment D) autonomous consumption and net exports E) government expenditure and autonomous planned investment
In determining comparative advantage, cost is measured in terms of
a. foreign currency b. domestic currency c. gold only d. units of weight and measure e. opportunities forgone
A monopolist’s cost curves will
A. be identical to those of a competitive firm. B. be higher than a competitive firm’s cost curves. C. be peculiar to the individual producer since there is only one. D. drop more steeply as output increases.