The industrially advanced nations had an average per capita income in 2010 of around:
A. $50,000 per person
B. $27,000 per person
C. $39,000 per person
D. $61,000 per person
C. $39,000 per person
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Game theory is not useful in understanding perfect competition because in a perfectly competitive market:
A. there are too many firms to be able to model their behavior accurately using game theory. B. no single firm can influence the market price, so firms' decisions are not interdependent. C. the payoffs to firms' choices are unknown. D. each firm only cares about its own profit, so there is no interdependence.
When the price level falls
A) imports increase, and exports decrease, which causes a movement up along the aggregate demand curve. B) there is no impact on imports or exports, so there is no associated movement along the aggregate demand curve. C) imports decrease and exports increase, which cause a movement down along the aggregate demand curve. D) imports decrease and exports increase, which cause a movement up along the aggregate demand curve.
Economists speaking like policy advisers make
a. positive statements. b. descriptive statements. c. claims about how the world is. d. claims about how the world should be.
The portion of consumer surplus that would have existed in a perfectly competitive market but is unobtainable by anyone in society under a monopoly is known as
A) monopoly profits. B) an unattainable surplus. C) a deadweight loss. D) an external cost.