U.S. exports make up less than 20 percent of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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If Best Paints and Paint with Us are competing in a duopoly and it is always best for Best Paints to charge a price of $20 per gallon of paint regardless of the price Paint with Us charges, then charging $20 is ________ for Best Paints.
A) a dominant, but not pure strategy B) a dominant and pure strategy C) a pure, but not dominant strategy D) neither a dominant nor pure strategy
In the former Soviet economy, the supreme planning board that transmitted economic decisions down to producing and consuming units was called the:
a. Soviet Ministry. b. Polit Bureau. c. Gosplan. d. Soviet Central Committee for Economic Planning.
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 70 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.
Collusion is:
A. more likely in perfectly competitive markets. B. not affected by firm's ability to enter a market. C. more likely when the threat of market entry is missing. D. less likely when the threat of market entry is missing.