Variable costs usually change as the firm alters the quantity of output produced
a. True
b. False
Indicate whether the statement is true or false
True
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
According to this Application, increases in unemployment insurance will ________ the total amount of employment
A) either increase or decrease B) have no effect on C) increase D) decrease
A student comments to his roommate that the only way he will be able to pass his final exams is to not sleep for the next three days. This statement suggests that
A) society should value good grades more highly than sleep because students can catch up on their sleep once final exams are over. B) there is a trade-off between studying and sleep. C) students are more concerned about good grades than good health. D) society should value sleep more highly than good grades.
When a prisoners' dilemma game is repeated a finite number of times (T)
A) cooperation unravels during the first round of the game, resulting in the static game Nash equilibrium.
B) cooperation continues until the T-2 round, where the players will switch to a non-cooperative Nash equilibrium.
C) firms cooperate and achieve the collusive Nash equilibrium for all rounds.
D) None of the above.