Figure 17-8
Refer to . With trade, this country
a.
exports 20 wagons.
b.
exports 50 wagons.
c.
imports 30 wagons.
d.
imports 50 wagons.
d
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In every economic system, choices must be made because resources are ________ and our wants are ________
A) unlimited; limited B) limited; unlimited C) unlimited; unlimited D) limited; limited
When firms select the solution that is better for all parties, the ________ is satisfied
A) Nash equilibrium condition B) Pareto Criterion C) coordination game requirement D) pure strategy requirement
The game theory approach to the analysis of oligopoly assumes that oligopolists
A. ignore their interdependence. B. behave with little forethought. C. do not take their businesses seriously. D. act strategically.
The most important economic concept to consider when deciding whether to produce a product domestically or import the product is
A. law of supply. B. law of demand. C. opportunity cost. D. law of increasing cost.