The "Four Tigers" of East Asia are the newly industrialized countries of Taiwan, South Korea, Hong Kong, and:
a. Japan. b. Singapore.
c. the Philippines. d. Vietnam.
b
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A decision tree is used when modeling:
A. simultaneous decisions. B. any type of game. C. games in which timing matters. D. a prisoner's dilemma.
If the Fed conducted an open market sale of government bonds and raised the discount rate: a. the money supply would increase
b. the money supply would decrease. c. the money supply would not change. d. the money supply could either increase or decrease.
When firms are said to be price takers, it implies that if a firm raises its price,
a. buyers will go elsewhere. b. buyers will pay the higher price in the short run. c. competitors will also raise their prices. d. firms in the industry will exercise market power.
As long as total utility is increasing, we know that marginal utility is
A. positive. B. decreasing. C. increasing. D. negative.