A game in which the players explicitly coordinate their decisions to make themselves better off is a
A. negative-sum game.
B. zero-sum game.
C. noncooperative game.
D. cooperative game.
Answer: D
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A firm's marginal cost can always be thought of as the change in total cost if
A) the firm produces one more unit of output. B) the firm buys one more unit of capital. C) the firm's average cost increases by $1. D) the firm moves to the next highest isoquant.
The nice thing about foreign exchange markets is that the goods are money, and they are paid for with money. This means that if the U.S. dollar ____ the Japanese yen ____
a. goes down; goes down b. goes up; goes up c. buys more yen; buys more dollars d. buys fewer yen; buys fewer dollars e. buys more yen; buys fewer dollars
When the U.S. price level increases relative to the price level in foreign economies, U.S. consumers tend to buy:
A. Fewer imported goods and fewer domestically produced goods, ceteris paribus. B. Fewer imported goods and more domestically produced goods, ceteris paribus. C. More imported goods and fewer domestically produced goods, ceteris paribus. D. More imported goods and more domestically produced goods, ceteris paribus.
Refer to the above figure. If demand curve D1 is the relevant demand curve, economic rent is
A. zero. B. area KHG. C. area FHGO. D. OG.