If per capita output falls by 2 percent and population grows by 3 percent, output:
A. grows by 5 percent.
B. falls by 5 percent.
C. grows by 1 percent.
D. falls by 1 percent.
Answer: C
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For an oligopolistic firm, which of the following can be identified as a strategy?
A) Produce 10,000 units regardless of what the rivals do. B) Advertise if the rival advertises, do not advertise if the rival does not advertise. C) Raise the price if the rival raises the price, keep the current price if the rival lowers its price. D) All of above.
When discussing rules that governments use to intervene in a market, we can take a ________ approach where we discuss what governments should do, or a ________ approach where we discuss what governments actually do
A) normative; positive B) positive; normative C) optimistic; cynical D) bipartisan; normative
Your utility function is given by U = M1/2. What is the expected utility of the following coin toss: heads you win $81, tails you win $100?
A. 0 B. 9.5 C. 19 D. 90.5
Refer to the above figure. Medicare subsidies have increased the price of medical services to Ps. Which of the following statements is TRUE about the effect the Medicare subsidy has had on the consumption of medical services?
A. The amount of medical services provided has increased from Qd to QM as a result of the subsidy. B. The amount of medical services provided has decreased from Q0 to Qd as a result of the subsidy. C. The amount of medical services provided has remained unchanged as a result of the subsidy. D. The amount of medical services provided has increased from Q0 to QM as a result of the subsidy.