The Federal Trade Commission:
A. is empowered to hold public hearings to investigate unfair practices.
B. prohibits interlocking directorates in interstate industries.
C. regulates airline fares.
D. regulates such transportation industries as railroads and trucking.
Answer: A
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Of the five game types described in this chapter (prisoner's dilemma, pure coordination, assurance, battle of the sexes, chicken), which have a dominant strategy and which have more than one Nash equilibrium in a two-player game?
What will be an ideal response?
Competition is best characterized as
A) a fully regulated set of market activities. B) a fair and just set of outcomes. C) a process of bids and offers. D) a necessary evil.
Which of the following is not a correct statement about individual and group preferences?
a. Individuals have preferences b. Groups have preferences c. Individuals within groups have preferences d. Groups make collective decisions on behalf of their members
If real disposable income is $300 billion and real consumer expenditures are $250 billion, it can be assumed that
a. the government is spending the difference. b. the difference is being invested. c. households are saving the difference. d. transfer payments make up the difference.