If the expansion of output in an industry leads to unchanged resource prices, the industry is most likely to be a(n):
A. decreasing cost industry.
B. increasing cost industry.
C. constant cost industry.
D. industry characterized by economies of scale.
Answer: C
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Refer to the scenario above. The winner of this auction will earn a surplus of ________ if he/she follows his/her dominant strategy
A) $100 B) $50 C) $400 D) $200
Type II errors are
a. False negatives b. False positives c. True negatives d. True positives
Suppose that the price of one gallon of milk was $0.25 in 1950, that the CPI in 1950 was 25, and that in 2000 the CPI was 200.What is the price of a 1950 gallon of milk in 2000 dollars?
Which of the following is not an example of the issue of time inconsistency?
A) a central bank announced to maintain low inflation and at the same time increased money supply B) a government stated that they will not negotiate with hostage takers. When someone is taken hostage, it negotiates C) a mom says to her kids no cookie before meals and she never gives cookies before her kids eat their meals D) a person on diet eats ice cream for dinner