Of the five broad categories of human rights suggested by Charles Beitz, which is unusual in that it names the right to self-determination, language choice, and cultural expression?
a. economic and social rights
b. community rights
c. personal rights
d. political rights
b. community rights
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Fuji and Kodak produce identical film. The market demand for film is given by P = 8 - Q, where P is the price (in dollars per roll of film) and Q is the quantity (in hundreds of rolls). Each firm has the option of producing 150, 200, or 300 rolls of film at a constant marginal cost of $2 per roll with no fixed costs. The firms' possible profits for various outcomes are summarized in the accompanying table.
(i) If the two firms behave competitively, what will be the outcome of this game? Is this outcome Pareto optimal for the firms?
(ii) If the two firms merge and form a monopoly, what will be the outcome of this game? Is this outcome Pareto optimal for the firms?
(iii) What is the Nash equilibrium for this game? Is it Pareto optimal for the firms? How does it compare with the competitive and monopoly outcomes?
(iv) Suppose this game is played sequentially, with Fuji as the first player. What will be the Stackelberg equilibrium? Is it Pareto optimal?
The difference between an orthodox stabilization plan and a heterodox stabilization plan is that the orthodox plan
A) targets the problem of inflation, while the heterodox plan targets unemployment. B) reduces trade flows less than the heterodox plan. C) does not include higher taxes and the heterodox plan does. D) does not include wage and price controls and the heterodox plan does. E) eliminates budget deficits, while the heterodox plan only reduces them.
A serious burden of a budget deficit and an increase in the national debt comes on the supply side because large budget deficits
A. discourage consumption and therefore lead to production cutbacks. B. lead to lower interest rates and therefore to excessive optimism by consumers and businesspeople. C. discourage investment and therefore may reduce the growth of the nation’s capital stock. D. discourage foreign investment and therefore limit employment opportunities.
Which of the following statements is true? (i) When a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price. (ii) When a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price. (iii) Average revenue is the same as price for both competitive and monopoly firms
a. (ii) only b. (iii) only c. (i) and (ii) only d. (ii) and (iii) only