When firm 1 enjoys a first-mover advantage in a Stackelberg duopoly, it will produce:
A. more output and charge a lower price than firm 2.
B. less output and charge the same price as firm 2.
C. less output and charge a higher price than firm 2.
D. more output and charge the same price as firm 2.
Answer: D
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The National Environmental Protection Act (NEPA) of 1969
a. calls for Environmental Impact Statements (EIS) on major legislative proposals b. coordinates environmental tasks among federal agencies c. guides all environmental policy formulation in the United States d. all of the above e. (c) and (d) only
Suppose the exchange rate of the U.S. dollar was 1.00 euro = $0.50 on Thursday, and on Friday the exchange rate was $1.00 = 2.10 euros. Which of the following best explains what has happened between Thursday and Friday?
A) The U.S. dollar appreciated against the euro. B) The euro appreciated against the U.S. dollar. C) The U.S. dollar depreciated against the euro. D) Both answers B and C are correct.
Which of the following contributed to a slowdown in U.S. labor productivity during the 1970s?
a. An increase in the number of skilled legal immigrant workers b. An increase in the illegal employment of minors c. An increase in the number of skilled illegal immigrant workers d. The exit of the baby boom generation from the work force e. Lower energy prices
How does a free-market system address the output selection task?
What will be an ideal response?