Most games are ______ games in which each firm sets its own ______ without consulting other firms.
a. non-cooperative; binding contract
b. cooperative; binding contract
c. cooperative; price
d. non-cooperative; price
d. non-cooperative; price
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The currency drain reduces the amount of
A) reserves available to banks to make loans. B) currency the Fed has outstanding in the economy. C) currency available for banks to borrow from the Fed. D) the monetary base. E) open market operations the Fed can make.
A stock index measures the:
a. change in dividend payments of a group of stocks. b. fluctuation in the price-to-earnings ratio of each share. c. change in the trading volume in the stock exchange. d. price movements of a group of stocks. e. change in the number of enlisted companies.
The law of comparative advantage indicates that if a group of individuals wants to maximize their joint output, then each good should be supplied by
a. the person with the lowest wage rate. b. the low opportunity cost producer. c. the person with the most advanced technical knowledge. d. the person that can accomplish the task most rapidly.
In the short run, average variable cost equals:
A. average total cost minus average fixed cost. B. total cost minus total fixed cost. C. total cost divided by output. D. output divided by total cost.