In the game in Scenario 13.14, each firm has a strategy that would not be chosen under any circumstances. This strategy is A) Q = 50. B) Q = 100. C) Q = 150. D) “choose the same Q as the other player.” E) “choose a Q different from the other player’s.” ANSWER C […]
Date: September 9th, 2020
Prejudice and discrimination are indistinguishable. Indicate whether the statement is true or false ANSWER F
Date: September 9th, 2020
In the game in Scenario 13.14, A) R’s dominant strategy is Q = 100; C has none. B) C’s dominant strategy is Q = 100; R has none. C) Q = 100 is a dominant strategy for both R and C. D) Q = 100 dominates Q = 150 for both firms. E) the dominant […]
Date: September 9th, 2020
In explaining their relative income status, either poor families don’t work enough, or are paid too little. Indicate whether the statement is true or false ANSWER T
Date: September 9th, 2020
The higher the beta, A) the smaller the diversifiable risk. B) the smaller the nondiversifiable risk. C) the larger the diversifiable risk. D) the larger the nondiversifiable risk. ANSWER D
Date: September 9th, 2020
Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be: A) to decrease the price of rice to the Japanese people. B) to decrease the consumer surplus of Japanese rice consumers. C) to decrease the producer surplus of Japanese rice producers. D) a welfare gain […]
Date: September 9th, 2020
Refer to Scenario 17.5. If a fixed wage of $3000 is given the individual worker, the result will be A) low effort 75% of the time. B) low effort 25% of the time. C) low effort. D) high effort. E) high or low effort depending on whether the worker thinks the $3000 is an acceptable […]
Date: September 9th, 2020
Many mining and mineral extraction processes tend to exhibit increasing returns to scale. Suppose copper mines have increasing returns, and the existing copper mines reduce their capital and labor inputs by 25 percent in response to a global recession. What is the expected impact on copper output? A) Output increases by less than 25 percent […]
Date: September 9th, 2020
Around 2/3 of poor female-headed families with children receive earnings from working. Indicate whether the statement is true or false ANSWER T
Date: September 9th, 2020
What is true of equilibrium in the game in Scenario 13.14? A) In equilibrium, both firms choose Q = 50. B) In equilibrium, both firms choose Q = 100. C) There are two equilibria, at Q = 50 and at Q = 100. D) The only equilibrium is in mixed strategies. E) The two equilibria […]
Date: September 9th, 2020
