Which of the following is true regarding the game in Scenario 13.5?
A) Only Bull Meat has a dominant strategy.
B) Only Deer Meat has a dominant strategy.
C) Both companies have a dominant strategy: expand West.
D) Both companies have a dominant strategy: expand South.
E) Neither company has a dominant strategy.
E
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If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), who would benefit the most?
A) the U.S. government B) high-income consumers C) low-income consumers D) the foreign manufacturer
As long as a market is contestable, then even if it has only a few sellers, the
a. threat of new entrants will prevent the prices from rising above the competitive level. b. producers will be able to charge prices that are high enough to produce long-run economic profits. c. producers will not face new competition because the barriers to entry are high. d. market will never be expected to come close to the competitive result.
Suppose your grandmother told you (today) that she had set aside an amount of money in a savings account bearing 3% interest that was sufficient to give you a $5,000 graduation present in exactly four years. How much would she have had to set aside?
A. $5000 / (1.03)4 B. $5000 / (1+.034) C. $5000 D. $5000 × (1.03)4
Historically, controlling who was able to vote was an important tool:
A. to attract greater participation in the political system. B. for those who wanted to keep other groups out of power. C. to discourage some from participating in policy making. D. for those seeking to create policy that was beneficial for all.