Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Up.
D. If Theodore chooses Right, James's best response is to choose Up.
B. If James chooses Down, Theodore's best response is to choose Left.
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What do economists mean when they refer to inflation as "general increase in the prices of goods and services."
A. Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are increasing. B. Some prices are rising, some prices are falling, and some prices are constant, but on average, prices are decreasing. C. All prices are rising. D. All prices are falling.
A small country is an international borrower and its domestic supply of loanable funds increases. Consequently, the equilibrium quantity of loanable funds used in the country ________ and the country's international borrowing ________
A) does not change; decreases B) does not change; does not change C) does not change; increases D) increases; does not change
Suppose the sweater manufacturing technology enables sweater makers to experience constant returns to scale over the range between 4,000 and 10,000 . If their long-run average total cost curve is U-shaped, what must be true? a. Long-run average costs will be lowest when the firm produces as many sweaters as possible
b. The total cost of producing 10,000 sweaters is more than the total cost of producing 11,000. c. The total cost of producing 2,000 sweaters is half the total cost of producing 4,000. d. The ATC of producing 3,000 sweaters is the same as the ATC of producing 11,000. e. Producing fewer than 4,000 or more than 10,000 sweaters is not efficient.
In national income accounting, the two uses of disposable income are
A. Saving and investment. B. Personal income and personal taxes. C. Consumption and investment. D. Saving and consumption.