Refer to Figure d, which illustrates a game played by Travis and Darren. For Darren, East is:
A. the best response.
B. the dominant strategy.
C. weakly dominated.
D. dominated.
C. weakly dominated.
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According to Okun's law, when cyclical unemployment increases from 2 to 3 percent, the recessionary gap widens from ________.
A. ?2 percent to ?3 percent B. ?4 percent to ?6 percent C. 4 percent to 6 percent D. 0 percent to 1 percent
The firm's break-even point occurs at an output of
A. 30.
B. 40.
C. 55.
D. 70.
Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: When the economy overheated, the U.S. government cooled it down with higher taxes, spending reductions, and less money. (See Figure 8.6.)
A. A. B. B. C. C. D. D.
Why is bad weather sometimes good news for farmers?
A) Bad weather shifts the supply curve of agricultural products leftward, driving up price and total revenue (assuming demand is inelastic). B) Bad weather shifts the supply curve of agricultural products leftward, driving down price, and raising total revenue (assuming demand is elastic). C) Bad weather increases the demand for and price of agricultural products. D) Bad weather increases both the demand for and supply of agricultural products.