If the government undertakes expansionary fiscal policy, it might:
A. increase income taxes.
B. decrease income taxes.
C. decrease government spending.
D. increase corporate income taxes.
B. decrease income taxes.
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In the scenario above, in Nash equilibrium
A) both firms cheat to produce more than the agreed amount. B) both firms comply with the agreement. C) one firm complies with the agreement while the other cheats to produce more than the agreed amount. D) both firms cheat to produce less than the agreed amount.
In the Cournot duopoly model, each firm assumes that
A) rivals will match price cuts but will not match price increases. B) rivals will match all reasonable price changes. C) the price of its rival is fixed. D) the output level of its rival is fixed.
The most numerous or plentiful firms in the United States are found in this form of business
A) partnership. B) proprietorship. C) monopoly. D) corporation.
If something is used as a measure of value, then a necessary condition is that it must
a. serve as a yardstick for measuring the value of other goods b. be a precious metal, such as gold or paper money c. be convertible into gold d. be used in barter exchange e. be accepted as payment for any purchase