The table above shows the payoff matrix for a prisoners' dilemma. In the Nash equilibrium
A) both prisoners get 3 years in jail.
B) both prisoners get 2 years in jail.
C) both prisoners get 1 year in jail.
D) both prisoners get 10 years in jail.
Ques. 2A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases.
The graph of these data is A) a horizontal line.
B) a vertical line.
C) a curve with a maximum.
D) a positively-sloped line.
Ques. 3The above table gives data for the nation of Sueland. What is the private sector balance?
A) 11 billion
B) -11 billion
C) -43 billion
D) 43 billion
Ques. 4If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________.
A) exceed its total fixed cost
B) be less than its total economic loss
C) equal its total cost
D) be less than its total variable cost
Ques. 5The figure above shows a monopoly firm's demand curve. If the price and quantity of haircuts move from point t to point r, the monopoly's
A) total revenue will rise.
B) total revenue will fall.
C) total revenue will remain the same.
D) marginal revenue will decrease.
Ques. 6When the marginal product equals the average product, the
A) average product curve is downward sloping.
B) average product curve is upward sloping.
C) marginal product is at its maximum.
D) average product is at its maximum.
Ques. 7In October of 2014, the interest rate on money market accounts was about 0.2 percent. In 2007, the interest rate on money market accounts was about 4.0 percent. What has been the impact on money demand from this fall in the interest rate?
A) the money demand curve shifted to the right
B) the money demand curve shifted to the left
C) the quantity of money demanded increased
D) the quantity of money demanded decreased
Ques. 8Based on the table above which shows Chip's costs, if rice sells for 600 a ton, Chip's profit-maximizing output is
A) less than one ton.
B) between two and three tons.
C) between three and four tons.
D) between one and two tons.
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