Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for mustard and that bratwurst and mustard are complements. What panel describes what happens in this market when the price of bratwurst falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
C
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Refer to the above figure. Which variable is autonomous with respect to real GDP?
A) real consumption spending B) the sum of real consumption and real saving C) real saving D) real investment spending
The outcome of a prisoners' dilemma game with a Nash equilibrium is that ________
A) both players deny B) one player denies and one player confesses C) both players confess D) there is no equilibrium
Inefficient allocation of resources occurs when
A. no one can be made better off without having someone else give up something. B. it is possible to make some people better off without making others worse off. C. society is operating at a point high on the production possibilities frontier. D. society is operating at a point low on the production possibilities frontier.
What are the three initial conditions that trigger economic populism?
What will be an ideal response?