Which of the following games provides the best way to model price wars?
A) a repeated duopoly game
B) a game of chicken
C) a sequential entry game in a noncontestable market
D) a sequential entry game in a contestable market
A
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Economics promotes which of the following as the way to make the best decision?
A) Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost. B) Continue an enjoyable activity until it is no longer enjoyable. C) Continue an enjoyable activity until you cannot afford to pursue it. D) Continue an enjoyable activity as long as you do not have to pay for it.
The main policy goal for a country according to the mercantilists is
A) to create a one-time deficit in the balance of payments. B) to create a continuing deficit in the balance of payments. C) to create a one-time surplus in the balance of payments. D) to create a continuing surplus in the balance of payments. E) to create specie overflows.
Unemployment due to the location or skill requirements of job vacancies not matching the location or skills of the unemployed is called ________ unemployment
A) turnover B) mismatch C) cyclical D) natural
The international financial market moved towards equilibrium under the gold standard due to
A) shifts in exchange rates caused by changes in supply and demand for foreign exchange. B) changes in interest rates. C) negotiations among central banks. D) flows of gold among countries.