Define a simultaneous one-time game
What will be an ideal response?
A simultaneous one-time game is one where firms select their optimal strategies at the same time and in a single time period without regards to future interactions.
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In the figure above, U.S. producers' ________ from the tariff is ________
A) loss; $32 million B) loss; $64 million C) gain; $80 million D) gain; $128 million
Which of the following is an economic cost of unemployment?
a. The extra leisure time available b. The increase in short-run output that results in higher unemployment c. The psychological cost of not having a job d. The cost of having to count the unemployed e. The opportunity cost of lost output
If a nation has flexible exchange rates and its current and captial accounts equal zero, then the:
a. Financial account must be positive b. Financial account must be zero. c. Reserves account can be positive or negative depending on the size of the budget deficit and exchange rate. d. Financial account plus reserves account must equal zero.
Expectations that the price level will increase in the future will:
What will be an ideal response?