What is meant by “gross domestic product”?
a. total value of tangible goods
b. annual economic growth rate
c. output of goods and services
d. goods sold within the country
c. output of goods and services
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Homothetic tastes are always tastes over essential goods.
Answer the following statement true (T) or false (F)
The fewer the substitutes for a good the greater will be the value of the price elasticity of demand coefficient
a. True b. False Indicate whether the statement is true or false
Which of the following is true of a recession? a. It is typically accompanied by inflation and investment growth. b. It lasts for more than two years on an average
c. It is typically longer than periods of expansion. d. It begins after an expansion has peaked. e. It continues as long as actual output exceeds the potential output.
A prisoner's dilemma is a game in which:
A. the players' payoffs are smaller when both play their dominant strategy compared to when both play a dominated strategy. B. neither player has a dominant strategy. C. the players' payoffs are larger when both play their dominant strategy compared to when both play a dominated strategy. D. one player has a dominant strategy and the other does not.