Sequential games provide the opportunity to use real options
Indicate whether the statement is true or false
True
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When the price of gasoline is $2.20 per gallon, 11 million gallons are demanded, and when the price of gasoline goes up to $2.60 per gallon, 10 million gallons are demanded. The gasoline in this range has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.
A nation can determine how close it is to the classical range by considering its:
a. Export position. b. Net export position. c. Exchange rate. d. None of the above.
Suppose an economy produces only smart phones. If the price level falls, the value of currency
a. rises, because one unit of currency buys more smart phones. This is called deflation. b. rises, because one unit of currency buys more smart phones. This is called inflation. c. falls, because one unit of currency buys fewer smart phones. This is called deflation. d. falls, because one unit of currency buys fewer smart phones. This is called inflation.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.