Compared to the price under perfect competition, the monopolist charges which of the following?
a. The same price
b. A lower price
c. A lower or higher price
d. A higher price
d. A higher price
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If the money supply rises by 8% and the average price level rises by 8%, then the supply and demand for real loanable funds change as follows:
a. Actually, neither real supply nor real demand changes. b. Real supply rises by 8% and real demand remains the same. c. Real demand rises by 8% and real supply remains the same. d. Real demand and supply rise by 8%. e. Real supply rises, falls, or stays the same depending on the relationship between actual and expected inflation.
What is the fundamental basis for trade among nations?
a. shortages or surpluses in nations that do not trade b. misguided economic policies c. absolute advantage d. comparative advantage
A public good is
A. always depletable and excludable. B. always depletable and often excludable. C. never depletable and always excludable. D. never depletable and always nonexcludable.
A key to gaining cooperative behavior in a repeated game is:
A. there must be a definitive end to the game. B. that the game must be repeated indefinitely. C. the players must commit to always acting in their own self-interest. D. at least one player must have a dominant strategy.