Irregular fluctuations in economic activity are known as the
a. business cycle.
b. broken window fallacy.
c. tradeoff between inflation and unemployment.
d. ten principles of economics.
a
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Intel and AMD are a duopoly that produces CPU chips. Intel and AMD can conduct R&D or they cannot conduct R&D. The table above shows the payoff matrix for the two firms. AMD is playing a tit-for-tat strategy and Intel did not conduct R&D last
Then, of the following answers, Intel's total profit for the next two periods is the highest if Intel ________ R&D this period and ________ R&D next period. A) conducts; conducts B) does not conduct; conducts C) conducts; does not conduct D) does not conduct; does not conduct E) conducts; either conducts or does not conduct because the profit is the same in either case
Oligopoly is a market structure where one firm produces all of the output in the market
a. True b. False Indicate whether the statement is true or false
In the circular flow model, which of the following is an injection?
A. Investment spending B. Government taxes C. Total exports D. Imports
Which of the following is a consequence of minimum wage laws?
A) Low-skilled workers benefit because minimum wage increases the number of jobs providing low-skilled workers with training. B) Some employers will be reluctant to hire as many workers as they would without a minimum wage. C) Producers have an incentive to offer workers non-wage benefits such as health care benefits and convenient working hours rather than a higher wage. D) All workers benefit when the minimum wage is increased.