Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize consume?
A) 100 B) 130 C) 250 D) 400
C
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If you are earning $20,000 this year and the CPI is 165, your real income in base year prices is
A) $121.21. B) $12,121.21. C) $20,000. D) $16,500. E) $33,000.
In a duopoly game we observe the following payouts: if the two firms collude they will each earn $50,000. If one firm cheats then he earns $60,000 and the other firm earns -$10,000. If both firms cheat then they each earn zero economic profit
In this game what is the Nash equilibrium? A) Both firms cheat. B) Only one firm will cheat. C) Neither firm will cheat. D) It is impossible to say.
One reason why, in the last four decades, the number of new auto makers in the world has been very small compared to the past is that
A) the automobile cannot be improved upon in any way by new producers. B) new auto makers cannot obtain necessary inputs to produce new cars. C) governments restrict who can produce automobiles. D) new producers cannot match the economies of scale of existing auto makers.
Equilibrium in the goods market occurs where
A) real GDP equals nominal GDP. B) aggregate expenditure equals autonomous consumption. C) autonomous consumption equals induced consumption. D) aggregate expenditure equals real GDP.