Which of the following best illustrates a perfectly competitive market?
A. jeans
B. breakfast cereal
C. electric power
D. soybeans
Answer: D
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Which of the following does NOT cause a shift in the supply curve for labor in an industry?
A) Worker tastes and preferences B) Population of the concerned region C) Opportunity costs faced by the workers D) Price of the final good that the labor is used to produce
The non- free trade policy of the United States that affects many poor countries of the world the most is the
A. tariff on imported tires. B. the proposed tariff on steel. C. agricultural subsidies. D. quota on wood products.
In a mixed strategy:
A. moves can be predicted. B. the order of who chooses first is mixed. C. players try to avoid demonstrating a pattern. D. the payoffs are mixed during each round.
The consumption function will shift downward when
A. household wealth decreases. B. the rate of interest decreases. C. household saving decreases. D. real disposable income increases.