The economic functions of government include
A. setting wages in the public sector.
B. protecting property rights.
C. welfare.
D. determining prices.
Answer: B
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Refer to Figure 3.4. A Nash equilibrium is achieved at which cell(s) in the payoff matrix?
A) only at (North, North) B) only at (South, South) C) at both (North, North) and at (South, South) D) There is no Nash equilibrium.
In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True b. False
Hyperinflations are usually made possible by
a. multinational corporations. b. highly mobile international capital. c. governments printing money rapidly. d. higher and higher tax rates.
According to the official measure of poverty, in 2010 the poverty rate of families in the United States was
a. 4.2 percent. b. 11.1 percent. c. 18.5 percent. d. 22 percent