Which of the following will not cause a movement along the supply curve?
a. Changes in the sellers' expectations. b. Increases in taxes per unit of output.
c. Advances in technology. d. All of these.
d
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Refer to Figure 8.1. If Charla and Mirna agree to pay each other $350 to install the pollution-control device on their heating systems, the dominant strategy for the players would be for Charla to play ________ and for Mirna to play ________
A) Install; Install B) Install; Don't Install C) Don't Install; Install D) Don't Install; Don't Install
__________ generally results in increases in per-capita GDP
a. Civil war b. High levels of inequality in the distribution of land ownership c. Investment in human capital d. A stock of natural resources
If MPC = 0.8, how much government spending would be needed to close a recessionary gap of $500?
a. –100 b. +80 c. –80 d. +500 e. +100
An economic analysis of "planned obsolescence" shows that
a. monopolies have an incentive to produce shorter-lived products, even when longer-lived products can be produced at the same cost. b. firms prefer to produce shorter-lived products, because these result in greater sales and hence larger profits. c. competitive firms are forced to produce the product with greatest longevity, but monopolies can successfully use planned obsolescence. d. firms will make a longer-lived product if the additional cost is less than the present value of the benefits received by consumers.