Jake brings his Xbox home over winter break and leaves it there, thinking he will study more in the spring without it around. Jake is:
A. trying to compensate for the time-inconsistency of his desire to study more, but temptation to play video games instead.
B. forcing his behavior to match economic theory.
C. not acting rationally, since what he really wants is to play games all day.
D. demonstrating that he has forgotten the fungibility of money.
A. trying to compensate for the time-inconsistency of his desire to study more, but temptation to play video games instead.
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Total expenditure by a buyer is equal to the
A. slope at any point along the demand curve. B. price times quantity demanded at any point along the demand curve. C. elasticity times price at any point along the demand curve. D. elasticity times quantity demanded at any point along the demand curve.
As the slope of the aggregate supply curve increases, this indicates that
a. the economy is getting close to potential GDP. b. the economy is reducing employment. c. inflation will be less of a problem. d. output is falling.
The total revenue received by sellers of a good is computed by
What will be an ideal response?
Suppose player 1 potentially moves twice in a sequential game, each time choosing from one of two possible actions -- "Left" or "Right". His first move is at the beginning of the game. He gets to move a second time if he moved "Left" the first time and after observing one of two possible actions by player 2 ("Up" or "Down"). But if he moves "Right" in the first stage, he gets no further moves and the game ends after player 2 chooses one of two actions ("Up" or "Down"). Draw the game tree and list all possible strategies for players 1 and 2.
What will be an ideal response?