The average agricultural tariff in the U.S. is about
A) 3 percent.
B) 5 percent.
C) 9 percent.
D) 15 percent.
B
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If a person takes $100 from his/her piggy bank at home and puts it in his/her savings account, then M1 will ________ and M2 will ________
A) not change; increase B) decrease; not change C) decrease; increase D) increase; increase E) increase; decrease
Relative growth rates of the standard of living in the United States and Europe indicate that workers in ________ have chosen to "spend" ________ of their higher productivity on leisure rather than on consumption of market goods and services
A) Europe, a significant part B) the United States, a significant part C) Europe, almost none D) the United States, almost all
A player is playing a mixed strategy when:
A. he chooses a rule to randomize over the choice of a strategy. B. he chooses a strategy without randomizing. C. there is no uncertainty in his choice. D. it is perfectly predictable.
Figure 8.8 shows demand, marginal revenue, and costs of a duopolist. Suppose that the two duopolists have the same costs. If the two firms form a cartel and charge the profit-maximizing monopoly price, then compared to perfect competition, each firm's profit will be ________ and the total output level will be ________.
A. greater; greater B. greater; smaller C. smaller; greater D. smaller; smaller