Vehicle manufacturers start getting lower prices for their trucks. As a result, their willingness to supply ______ is likely to increase.
a. airplanes
b. SUVs
c. cell phones
d. refrigerators
b. SUVs
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The unemployment rate in the United States at the peak of the Great Depression was ________ percent.
A. 20 B. 10 C. 25 D. 5
If an economy is operating at a point inside the production possibilities frontier, then
A) society's resources are being inefficiently utilized. B) the PPF curve will shift inward. C) society's resources are being used to produce too many consumer goods. D) economic policy must retard further growth of the economy.
The payoff matrix below shows the daily profit for two firms, Row Restaurant and Column Cafe, for two different strategies, publishing coupons in the student paper and not publishing coupons in the student paper.
The payoffs of this game are such that:
A. an agreement not to publish coupons would be easy to maintain because neither firm has an incentive to defect. B. both firms would benefit from a law that made publishing coupons illegal. C. if Row Restaurant expects Column Cafe to choose its dominant strategy, then Row Restaurant should choose its dominated strategy. D. profit at each firm is higher when they both follow their dominant strategy than when they both follow their dominated strategy.
In much of Europe, the legal age to obtain a driver's license is 18. If the legal driving age in the United States was changed to 18, how would this affect the market for new automobiles? The market for automobile insurance?
What will be an ideal response?