In the sequential labor negotiation game:
a. The first mover has an advantage
b. The second mover has an advantage
c. There is no advantage to either mover
d. none of the above
a
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When market failure is present,
a. democratic political decision-making can be counted on to improve the efficiency of resource allocation. b. market allocation will achieve idealized economic efficiency. c. the conditions implied by idealized efficient allocation of resources will be absent, but it does not follow that political action will improve the situation. d. democratic political decision-making will never be able to improve the efficiency of resource allocation.
Figure 9-1
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In Figure 9-1,
A. the 45° line represents all points where spending equals output. B. to the left of equilibrium GDP, inventories will rise. C. to the right of equilibrium GDP, inventories will fall. D. the level of equilibrium GDP equals potential GDP.