Which of the following represents a good example of an oligopoly?
A) the agriculture industry
B) a public utility
C) the automobile industry
D) the restaurant industry
C
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With no price discrimination,
a. A firm sells every unit at different prices b. A firm sells every unit at same prices c. Low-value groups pay a lower price than the high-value groups d. Low-value groups pay a higher price than the high-value groups
The Bureau of Labor Statistics periodically updates the base year in the CPI because
a. nominal GDP changes over time b. of changes in the importance of goods in the consumer basket c. real GDP changes over time d. the GDP deflator is periodically updated e. prices change over time
Player 1 and Player 2 are playing a game in which Player 1 has the first move at A in the decision tree shown below. Once Player 1 has chosen either Up or Down, Player 2, who can see what Player 1 has chosen, must choose Up or Down at B or C. Both players know the payoffs at the end of each branch.
Suppose Player 1 and Player 2 enter into a binding agreement in which Player 1 agrees to pay Player 2 a fixed amount of money to get Player 2 to play Up when it is Player 2's turn. How much will Player 1 have to pay Player 2 to get Player 2 to play Up?
A. at least $20. B. $0. C. at least $10. D. at least $50.
Automatic stabilizers
A. are a form of nondiscretionary fiscal policy. B. include income taxes and cash assistance to the poor. C. include in-kind assistance. D. All of the choices are true of automatic stabilizers.