Consider a Stackelberg duopoly with the following inverse demand function: P = 100 ? 2Q1 ? 2Q2. The firms' marginal costs are identical and are given by MCi = 2. Based on this information, the consumer surplus in this market is:
A. $36.75.
B. $1,352.40.
C. $73.50.
D. $2,704.80.
Answer: B
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Checkable deposits are
A. assets of commercial banks and savings institutions. B. debts of the federal government and government agencies. C. assets of the federal government and government agencies. D. debts of commercial banks and savings institutions.
GDP uses the market value of goods and services because it:
A. provides a common valuation that allows us to compare one economy to another. B. provides the opportunity to compare lists of outputs to see who produced more. C. is the only data that can be gathered about goods and services. D. markets are the only way to value goods and services.
A customs union is a(n)
a. tax on an imported good b. union of similarly skilled workers c. group of countries that agree on common trade policies d. union of countries with similar customs e. agreement that affects intra-country trade
Jobs in which there is a higher risk of injury or death will:
A. hire risk-averse workers. B. pay the same as otherwise similar jobs. C. pay less than otherwise similar jobs. D. pay more than otherwise similar jobs.