Taking explicit account of a rival's expected response to a decision you are making is called:
A. economic decision making.
B. strategic decision making.
C. competitive decision making.
D. monopolistic decision making.
Answer: B
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Use the following graph to answer the next question.
Which of these lines represents the short- run aggregate supply curve?
A. 1 B. 2 C. 3 D. 4
The big-push approach to economic development requires little government intervention
Indicate whether the statement is true or false
Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur?
A. The equilibrium price of sugar will rise. B. The equilibrium quantity of sugar will rise. C. The equilibrium quantity of sugar will fall. D. The equilibrium price of sugar will fall.
Why doesn't the process of electing officials prevent rent-seeking and corruption?
A. It actually does prevent this behavior in the real world. B. People are generally disinterested in preventing both of these in government. C. Those who win special favors through this behavior simply pay others off to keep them from whistleblowing. D. The cost of gathering such information is often too costly.