Refer to Scenario 14.1. Marco and Lisette decide to help each other out and agree to split any medical bills from their doctor
With this new arrangement, Marco's dominant strategy is to schedule ________, and Lisette's dominant strategy is to schedule ________, A) 1 visit; 1 visit
B) 1 visit; 2 visits
C) 2 visits; 1 visit
D) 2 visits; 2 visits
D
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What does the coefficient a in the new classical expression for short-run aggregate supply represent?
A) the full employment level of output B) the price level in the previous period C) how much output responds when the actual price level differs from the expected price level D) how much the price level responds when the actual level of output differs from the full employment level of output
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. In a closed economy, if the citizens of this island consume 1,200 fish per year, how many pounds of berries can they consume?
A. 4,800 pounds B. 9,200 pounds C. 12,800 pounds D. 8,000 pounds