The three elements of a game are:
A. the model, the graph, and the costs.
B. the firm, the consumers, and the profit.
C. the players, the strategies, and the payoffs.
D. the costs, the revenue, and the profit.
Answer: C
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Use the following diagram to answer the next question.
In the diagram, solid arrows reflect real flows and broken arrows are monetary flows. Flow (2) might represent
A. the provision of national defense by government. B. a government subsidy to farmers. C. welfare payments to low-income families. D. corporate income tax payments.
Which of the following statements about tariffs is true?
A. The revenue gained from tariffs equals the total cost that tariffs impose on consumers. B. The costs of tariffs are proportionately higher for high-income groups than for low-income groups. C. U.S. consumers lose more from tariffs than U.S. producers gain. D. U.S. producers gain more from tariffs than U.S. consumers lose.
If average variable cost is decreasing as output increases, then marginal cost is definitely
A) decreasing as output increases. B) increasing as output increases. C) less than average variable cost. D) greater than average variable cost.
With the exception of during recessions, workers in Canada are eligible for unemployment benefits for about twice as long a period of time as workers in the United States. As a result
A) the unemployment rate in Canada is usually higher than in the United States. B) the opportunity cost of job search in Canada is lower than in the United States. C) frictional unemployment is higher, on average, in the United States than in Canada. D) the average duration of unemployment is longer in the United States than in Canada.