If your income goes up by 2 and, in response, the quantity demanded of good x rises by 3, good x can ...

If your income goes up by 2 and, in response, the quantity demanded of good x rises by 3, good x can be considered
 a. An inferior good
  b. A normal good
 c. A public good
 d. A private good

QUESTION 2

In the simultaneous move labor negotiation game:
 a. The payoffs are always higher if you accommodate
 b. The payoffs are always higher if you bargain hard
 c. The payoffs from accommodating are only higher if your opponent bargains hard
  d. The payoffs from accommodating are only higher if your opponent accommodates

QUESTION 3

An economist estimated the cross-price elasticity for peanut butter and jelly to be -1.5 . Based on this information, we know the goods are
 a. inferior goods.
  b. complements.
  c. inelastic.
 d. substitutes.

QUESTION 4

In the simultaneous move labor negotiation game:
 a. Neither party prefers bargaining hard in the Nash equilibrium
  b. Both the parties want to end up in the least efficient outcome
  c. Both parties bargain hard in the Nash equilibrium
 d. Both parties want to stay in the prisoner's dilemma

QUESTION 5

The demand for insulin is typically_________________ than the demand for a large screen TV.
 a. More elastic
 b. More inelastic
  c. Less elastic
 d. Less inelastic

QUESTION 6

In the strategic view of bargaining:
 a. Bargaining is described by standard game theory rules
  b. The game is played without specific strategies
 c. The game always results in a fifty-fifty split
 d. The game is played just for the fun of it

QUESTION 7

The demand for Nike shoes is _________________ than the demand for shoes in general.
 a. More elastic
 b. More inelastic
  c. Less elastic
 d. Less inelastic