Consider the distributed lag model Yt = ?0 + ?1Xt + ?2Xt-1 + ?3Xt-2 + … + ?r+1Xt-r + ut. The dynamic causal effect is
A) ?0 + ?1
B) ?1 + ?2+…+?r+1
C) ?0 + ?1+…+?r+1
D) ?1
Answer: B
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q385g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />This game is ________ because ________.
A. not a prisoner's dilemma; cheating is better for both
B. a prisoner's dilemma; not cheating is better for both
C. not a prisoner's dilemma; OPEC does not have a dominant strategy
D. a prisoner's dilemma; cheating is better for both
If the production of capital goods is shown along the horizontal axis of a production possibilities curve, and the production of consumer goods is shown along the vertical axis of a production possibilities curve, and the economy desires to have a
rapid rate of economic growth, then the economy should produce at a point A) near the middle of the curve dividing resources equally between the production of consumer and capital goods. B) at a point near the vertical axis concentrating on the production of consumer goods. C) at a point near the horizontal axis concentrating on the production of capital goods. D) at a point inside the curve allowing the economy to adjust rapidly to changes in economic activity.
In general, it is reasonable to assume that the average person's standard of living is ____________ in a ____________ economy than in a ____________ economy.
A. higher; money; barter B. lower; barter; money C. higher; barter; money D. lower; money; barter a and b
Refer to the accompanying figure. If Laura and Chris are the only two consumers in this market, then at a price of $2.00 per pound, the market demand for hamburger is:
A. 8 pounds per week. B. 4 pounds per week. C. 2 pounds per week. D. 6 pounds per week.