The distribution of income primarily determines which of the fundamental economic questions?
A) How the goods and services are to be produced?
B) Who will receive the goods and services produced?
C) What goods and services are to be produced?
D) How to plan the economy?
B
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mixed-strategy Nash equilibrium is the outcome in which a player's ________ strategy is the best strategy for that player, taking as given the other player's ________ strategy.
A) mixed; mixed B) pure; pure C) pure; mixed D) mixed; pure
Accounting profits are calculated as:
A. total revenue minus implicit costs. B. total revenue minus explicit costs. C. total revenue minus all opportunity costs, explicit and implicit. D. None of these is true.
Suppose the price index was 105 in 2017, 126 in 2018, and the inflation rate was lower between 2018 and 2019 than it was between 2017 and 2018 . This means that
a. the price index in 2019 was lower than 126.0. b. the price index in 2019 was lower than 147.0. c. the price index in 2019 was lower than 151.2. d. the inflation rate between 2018 and 2019 was lower than 1.2 percent.
Which of the following is true about a monopoly?
A. A monopoly charges a higher price and produces a lower output level than if the market were competitive. B. A monopoly is guaranteed an economic profit. C. A monopoly charges the highest possible price. D. A monopoly will shut down whenever losses are incurred.