Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country B could not make would be:
A. (400 iPods, 250 tablets).
B. (300 iPods, 500 tablets).
C. (200 iPods, 750 tablets).
D. (100 iPods, 1,000 tablets).
A. (400 iPods, 250 tablets).
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If each player has a dominant strategy, then those strategies make up the Nash equilibrium
What will be an ideal response?
The GDP growth rate is report at annualized rate. This means each quarter’s growth rate is ______ and reported as if the economy had the same growth rate for the entire year.
a. divided by 12 b. multiplied by 4 c. divided by 4 d. multiplied by 12
If demand falls and supply falls, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
Refer to the tables below. Assume that prior to specialization and trade Germany and the United States both choose production possibility C. Now if each specializes according to its comparative advantage, the resulting gains from specialization and trade will be:
Autos and chemicals are in million of units in the following production possibilities tables:
A. 8 million units of autos
B. 6 million units of autos
C. 6 million units of autos and 8 million units of chemicals
D. 8 million units of autos and 6 million units of chemicals