Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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A Nash equilibrium in the duopoly game
A) means that one player has greater market power. B) occurs when each player takes the best possible action regardless of the strategy chosen by other firms. C) will always lead to equilibrium in which the firms' total profit is the largest. D) can occur only if firms cooperate with each other. E) means that a firm must be able to determine its actions and the actions of its competitor.
Which of the following is an example of adverse selection?
A) Overgrazing of a common piece of land B) Passengers travelling in a subway without a ticket C) A customer buying a defective appliance from a used goods market D) The generation of a harmful chemical during the production of a good
During the Prohibition period (when the production and sale of alcohol was illegal),
a. the quality of alcohol sold became less reliable. b. the murder rate increased. c. gangsters dominated the alcohol trade. d. all of the above occurred.
Which of the following tools is used most often by the Fed for changing the supply of money?
A. Interest rate B. Discount window C. Open market operations D. Reserve requirement