Over the course of the business cycle, most firms respond
a) to negative shocks by cutting wages
b) to positive shocks by raising prices
c) to negative shocks by cutting prices
d) to positive shocks by raising output
e) all of the above
d) to positive shocks by raising output
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In the game in Scenario 13.14, each firm has a strategy that would not be chosen under any circumstances. This strategy is
A) Q = 50. B) Q = 100. C) Q = 150. D) "choose the same Q as the other player." E) "choose a Q different from the other player's."
In terms of exports from the colonies, ______ and ______ were the top two trading partners
a. the United Kingdom; Africa b. Southern Europe; the West Indies c. the West Indies; the United Kingdom d. the United kingdom; Southern Europe.
In the long run,
a. all of the firm's input quantities are variable. b. the firm can vary the quantities of some but not all inputs. c. managers become less efficient. d. the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.
The economist who advocated a single tax on land was:
A. Adam Smith. B. John Maynard Keynes. C. Henry George. D. Milton Friedman.