The use of psychological incentives to solve commitment problems would be least effective in games played:
A. once between family members.
B. repeatedly between family members.
C. once between strangers.
D. repeatedly between strangers.
Answer: C
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Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%
Under the law of supply, any decrease in price will cause ________ in quantity supplied
a. an increase b. no change c. a decrease d. constant change
Figure 8.2 presents a firm's marginal cost, average total cost, and average variable cost curves. The firm faces fixed costs of:
A. $20. B. $110. C. $130. D. $4000.
The long-run aggregate supply curve is determined by all of the following EXCEPT
A. technology. B. aggregate demand. C. the amount of resources that exist in the economy. D. human capital.