The fishing and whaling occupations in the early colonies:
a. never amounted to a significant economic force.
b. were a major influence in the early colonial economy.
c. started only in the eighteenth century.
d. were mixed in their economic impact, with fishing being the least important and whaling being most important.
b. were a major influence in the early colonial economy.
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Government regulation can improve economic efficiency if _____
a. regulators encourage uncompetitive markets to act competitively b. regulators have private information firms do not have c. regulators are able to coordinate inter-industry actions to achieve efficiencies d. regulators base their actions on the revealed preferences of market participants
A long-lived cartel maximizes its joint profits by restricting production to push up prices. Firm A cheats by temporarily raising its production. Which response by Firm B illustrates a tit-for-tat game?
a. Firm B temporarily raises its prices. b. Firm B temporarily raises its production. c. Firm B permanently lowers its production. d. Firm B permanently lowers its prices.
If the MPC is 0.8, and the government spends an additional $100b, the overall effect on GDP will be:
A. $400b. B. $180b. C. $500b. D. $120b.
A monopolist always decides on how much to produce by equating marginal revenue to zero
Indicate whether the statement is true or false