Robert Solow is one of the developers of
a. classical economics.
b. the neoclassical growth model.
c. real business cycle theory.
d. new classical economics.
B
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Which of the following will not change the demand for office visits to the physician?
a. unusually cold and damp weather during the winter. b. a change in the price of an office visit. c. layoffs at the local plant causing a decrease in the number of people with health insurance in the community. d. television advertising by drug manufacturers to promote a new over-the-counter influenza treatment. e. they all change the demand for office visits.
If the real exchange rate between the U.S. and Japan is 1, the nominal exchange rate is 100 yen per U.S. dollar and the price of chicken in the U.S. is $2.50 per pound, what is the price of chicken in Japan?
a. 400 yen per pound b. 250 yen per pound c. 100 yen per pound d. 40 yen per pound
If the quantity of money demanded exceeds the quantity of money supplied, then the
A) equilibrium interest rate will decrease. B) equilibrium interest rate will increase. C) equilibrium interest rate stays the same. D) effect on the equilibrium interest rate is indeterminate.
Mr. Smith won a laptop in an online auction in which bidders could see each other's bid and price increased with every new bid
a) If Mr. Smith values the laptop at $400, find out his dominant strategy. b) Will there be a change in his optimal bidding strategy if there is an increase in the number of bidders?