A_____ level of trade indicates that a good portion of the nation’s ______ is exported.
a. low; production
b. high; production
c. high; capital
d. low; capital
b. high; production
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Refer to Figure 7-5. With insurance and a third-party payer system, the equilibrium quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.
A game of incomplete information is distinct from one of complete information in that players:
a. do not observe each others' actions. b. do not know each others' payoff functions. c. do not know the timing of moves. d. use mixed strategies.
Following a decline in the inflation rate, once long-term wage contracts are renegotiated and all prices in the economy adjust to their new equilibrium:
a. the economy will move up the short-run Phillips curve. b. the short-run Phillips curve will shift to the left. c. the economy will return to the vertical Phillips curve. d. the aggregate supply curve will shift to the right. e. the aggregate demand curve will shift to the right.
The bowed-out-from-the-origin shape of the production possibilities curve occurs because resources are
a. equally well-suited to production of both goods b. not being used efficiently c. not always of equal quality and some are better suited to the production of one type of good than others d. increasing as more of one good is produced e. of an increasingly inferior quality