Why do we analyze the steady state in the Malthusian model?
A) Because that is all we know how to do.
B) Because there is a non-steady state that is not interesting.
C) Because this is the Pareto optimum.
D) Because the long run equilibrium of the model is the steady state.
D
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The face value of money or income is called its ________ value
A) external B) real C) marginal D) nominal
If Happy Feet chooses to No Ad and Best Nails then chooses to Ad, Happy Feet earns ________ million in net profit and Best Nails earns ________ million.
Happy Feet wants to prevent Best Nails from entering the nail salon market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Happy Feet and Best Nails have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) $1; $4 B) $5; $1 C) $4; $1 D) $2; $3
An efficient allocation of resources requires that a product's price equal its average cost
a. True b. False Indicate whether the statement is true or false
Most studies indicate that the degree of income inequality in the United States has
a. been increasing in recent decades. b. been declining in recent decades. c. been constant since 1970. d. fluctuated widely from year to year.