When the economy is operating at full capacity we are in the _____ range of the aggregate supply curve.
Fill in the blank(s) with the appropriate word(s).
classical
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Refer to Game Matrix III. In this game,
Game Matrix III
The following questions refer to the game matrix below. Each firm has a choice of advertising, Ads, or not advertising, No ad. The profits each gets depend upon which it chooses.
a. Firm A's dominant strategy is to advertise.
b. Firm A's dominant strategy is not to advertise.
c. Firm B's dominant strategy is to advertise.
d. Firm B has no dominant strategy.
If the real interest rate is 3% and the expected inflation rate is 6%, then the nominal interest rate is
A) 0.5%. B) 2%. C) 3%. D) 9%.
If Mary has an absolute advantage over Bill in performing each of two tasks, then
a. Mary must have a comparative advantage in both tasks b. Mary cannot benefit by specializing in one and trading with Bill for the other c. Mary should specialize in both tasks d. Mary cannot have a comparative advantage in either task e. Mary should specialize in the one in which she has a comparative advantage
Consuming to the point where the marginal utility of each good is equal to the price of that good is consistent with utility maximization
a. True b. False