In the nonstrategic view of bargaining
a. The first-mover usually gains more
b. The second-mover usually gains more
c. The third-mover usually gains more
d. The outcome depends on which mover can commit to a strategy
d
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Which of the following is a key property of models?
A) All economic models begin with assumptions. B) Empiricism is not essential for testing models. C) All models can be used for a limited time period only. D) All models are consistent and do not make incorrect predictions.
When a grocery store offers discount coupons in Sunday papers, it is trying to
a. Price discriminate b. Undercut its competition c. Reward the frequent readers d. Provide a social service
Which of the following is not an activity of the Fed?
a. Making loans to the public b. Clearing banks' checks c. Lending funds to the Federal government d. Purchasing U.S. government securities e. Holding deposits of the U.S. Treasury
Say the bus authority in your city increased the typical bus fare from $1.00 to $1.50 and that due to this increase total revenue increased by 20%. Based on this we know that the price elasticity of bus rides in your neighborhood is (assume demand curve is linear):
A. 0.4. B. 0.8. C. 1.5. D. 1.