Which of the following countries had the highest level of government expenditures as a share of GDP?
a. Sweden.
b. Japan.
c. United States.
d. Italy.
a
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Can a monopoly make an economic profit in the long run? Explain your answer
What will be an ideal response?
Refer to the payoff matrix below. If Healthy Snacks is known for consistently bringing new products to the market and this is the focal point, what is the equilibrium of the game using the focal point criterion?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) Best Treats Introduce and Healthy Snacks Introduce.
B) Best Treats Do Not Introduce and Healthy Snacks Do Not Introduce.
C) Best Treats Do Not Introduce and Healthy Snacks Introduce.
D) Best Treats Introduce and Healthy Snacks Do Not Introduce.
One of the primary advantages of using econometrics over typical results from economic theory, is that
A) it potentially provides you with quantitative answers for a policy problem rather than simply suggesting the direction (positive/negative) of the response. B) teaching you how to use statistical packages C) learning how to invert a 4 by 4 matrix. D) all of the above.
The? long-run elasticity of supply in most industries is? ___________ than the? short-run elasticity because in the long? run, ? ________________.
A. less? elastic; resources and firms can enter the industry B. less? elastic; consumer demand will? increase, increasing industry profits C. more? elastic; consumer demand will? increase, increasing industry profits D. more? elastic; resources and firms can enter the industry