The 1920s was a period of alcohol prohibition in the United States. During the 1920s,
A) the purchase and sale of alcohol was illegal.
B) people coordinated their alcohol production and consumption activities in illegal, underground markets.
C) the supply of alcohol became quite inelastic.
D) all of the above were true.
E) none of the above were true.
D
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If the economy is in an equilibrium with real GDP less than potential GDP, a fiscal stimulus could move the economy toward potential GDP by simultaneously ________ taxes and ________ government expenditures on goods and services
A) raising; increasing B) raising; decreasing C) cutting; increasing D) cutting; decreasing E) raising; not changing
Libertyville has two optometrists, Dr. Smith and Dr. Jones. Each optometrist can choose to advertise his service or not. The incomes of each optometrist, in thousands of dollars, are given in the payoff matrix above
Which of the following statements CORRECTLY categorizes the Nash equilibrium for the game? A) The game has a Nash equilibrium in which both optometrists advertise. B) The game has a Nash equilibrium in which both optometrists do not advertise. C) The game has a Nash equilibrium in which Dr. Smith advertises and Dr. Jones does not advertise. D) The game has a Nash equilibrium in which Dr. Smith does not advertise and Dr. Jones does advertise.