An example of business fixed investment spending is
A) a purchase of a home by a household.
B) a purchase of a computer by an accounting firm.
C) a purchase of a bond by General Electric Corporation.
D) $200 million of unsold cars at a car dealership.
Answer: B
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Which of the following will happen if a firm in a duopoly with homogeneous products increases its price above its marginal cost once a Nash equilibrium is reached?
A) The firm will earn huge economic profits. B) The firm will gain market share. C) The firm will lose all its customers to its rival. D) The firm will continue to earn zero economic profits.
The statement that "since a farmer will make more money if he has a bumper crop means that all farmers would make more money if they all had bumper crops" would be an example of which of the following?
A. truth in an obvious form B. the fallacy of composition C. the fallacy that correlation is the same as causation D. none of the options are correct