The U.S. poverty rate over the last 10 years has been between _____%.
A. 6-11
B. 11-16
C. 16-21
D. 21-26
B. 11-16
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q239g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />Which of the following statements is correct?
A. OPEC's dominated strategy is to cheat on the agreement.
B. OPEC's dominant strategy is to cheat on the agreement.
C. OPEC does not have dominant strategy.
D. OPEC's dominant strategy is to abide by the agreement.
If the natural rate of unemployment declines ________
A) labor is more heavily utilized B) potential output increases C) the long run aggregate supply curve shifts to the right D) all of the above E) none of the above
If Spain is capable of producing either tapas or soccer balls or some combination of those two products, then Spain should:
A. produce the good it has an absolute advantage in producing. B. produce the good it has a comparative advantage in producing. C. remain self-sufficient if it can produce both efficiently. D. trade only if it possesses the absolute advantage in the production of both goods.
Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. In response to complaints from movie theater owners, the government removes an entertainment tax on movie tickets, but there are no additional taxes levied on streaming movies. This would lead to
A. a decrease in the price of a movie ticket and an increase in the price of streaming movies. B. a decrease in the price of movie tickets, but no change in the price of streaming movies. C. a decrease in the price of movie tickets and the price of streaming movies. D. no change in the price of a movie ticket and a decrease in the price of streaming movies.