Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
A. The flu shot is cheaper than the cost of treatment when you get the flu.
B. The income of doctors increases when you get the flu shot.
C. The flu shot reduces the likelihood others will catch the flu.
D. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.
Answer: C
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When a game has more than one Nash equilibrium
a. players will choose the strategies which maximize total welfare. b. players are likely to choose the strategies which minimize total welfare. c. it is difficult to predict which of the equilibria will occur or whether it is stable. d. it is difficult to predict which of the equilibria will occur but once one is reached it is likely to remain stable.
Explain how does an increase in the real exchange rate affect exports and imports?
What will be an ideal response?
Suppose a previously competitive labor market turns into a monopsony. The labor supply curve faced by the new monopsonist is
a. above the labor supply curve under perfect competition b. the market supply curve of labor c. below the labor supply curve under perfect competition d. changed because workers are now more willing to supply labor e. perfectly horizontal
the federal open market committee
What will be an ideal response?