An increase in the desired stock of housing would be caused by ________
A) an increase in household formation
B) higher residential consumption
C) a decrease in expected future income
D) an increase in home prices
A
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A sales tax is a type of consumption tax
a. True b. False
The demand for Exxon gasoline is ____ the demand for all gasoline
a. exactly as elastic as, and of a different slope from b. more elastic than c. less elastic than d. exactly as elastic and of a different slope from
A sum of money to be received in the future is worth more than a sum of money today
a. True b. False Indicate whether the statement is true or false
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. Which of the following is true?
A. ($25, $25) is a Nash equilibrium. B. There are multiple Nash equilibria. C. There are multiple Nash equilibria, and ($25, $25) is a Nash equilibrium. D. A Nash equilibrium is also a perfect equilibrium.