For collusion to make sense, the payoff matrix must be a
a. positive-sum game.
b. zero-sum game.
c. negative-sum game.
d. negative-positive-sum game.
a
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Which of the following is a measure of economic growth that is most useful for comparing changes in standards of living?
A. increases in real GDP B. increases in real GDP per capita C. growth in nominal GDP D. decreases in the rate of unemployment
The Condorcet paradox
a. proved that the Arrow impossibility theorem is wrong. b. was proved wrong by the Arrow impossibility theorem. c. serves as an example of the Arrow impossibility theorem. d. pertains to voting systems, whereas Arrow's Impossibility Theorem does not.
Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below.Mega Corp: TC = 5,000 + 100QBig Inc: TC = 4,000 + 200QIf each firm is producing 15 units, you would expect:
A. both Mega Corp and Big Inc to reduce output and charge higher prices. B. Big Inc to charge a lower price than Mega Corp. C. Mega Corp to charge a lower price than Big Inc. D. both firms to continue to produce 15 units.
According to the quantity theory:
A. unemployment is everywhere and always a monetary phenomenon. B. the equation of exchange does not hold true. C. inflation is everywhere and always a monetary phenomenon. D. real output is everywhere and always a monetary phenomenon.