Nominal wages are assumed fixed in the short run because:
a. workers have wages stated in their contracts
b. of minimum wage laws.
c. workers are unaware of short-run changes in their real wages.
d. all of the above are true.
e. none of the above are true.
d
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In a dynamic game, rational players
A) will reject outcomes that are not subgame perfect. B) use backward induction to determine best responses. C) have strategies that select a Nash equilibrium in the game as a whole. D) All of the above.
Economic regulation occurs when
a. monopoly is the optimal market structure b. the industry is highly competitive c. the product is important to economic welfare d. the government owns the assets of the industry e. the product price, if left unregulated, would be too low
In cases where negative externalities are present, the equilibrium price in the market is higher than it should be to achieve the optimal allocation of resources
Indicate whether the statement is true or false
Which of the following statements is true?
A. If the United States imposes a tariff on Swiss chocolate imports, the price of chocolate in the Switzerland is likely to increase. B. If Switzerland imposes a "voluntary export restraint" on chocolate exports to the United States, the price of chocolate in the United States is likely to decrease. C. If the United States imposes a quota on Swiss chocolate imports, the price of chocolate in the United States is likely to increase. D. all of the above