In a game, a dominated strategy is one where:
a. It is always the best strategy
b. It is always the worst strategy
c. It is the strategy that is the best among the group of worst possible strategies.
d. Is sometimes the best and sometimes the worst strategy
a
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In Econland exports equal 25% of total output, while imports equal 20% of total output. Econland has:
A. a trade surplus B. a budget deficit. C. a budget surplus. D. a trade deficit.
Price indexes like the CPI are calculated using a base year. The term base year refers to:
a. the first year that price data are available. b. any year in which inflation was higher than 5 percent. c. the most recent year in which the business cycle hit the trough. d. an arbitrarily chosen reference year.
Which of the following lists two things that both decrease the money supply?
a. make open market purchases and raise the reserve requirement ratio b. make open market purchases and lower the reserve requirement ratio c. make open market sales and raise the reserve requirement ratio d. make open market sales and lower the reserve requirement ratio
Suppose the price elasticity of demand for a product is 1.3 . If a supplier wants to increase revenue, what change should it make to price, if any?