For any competitive labor market, changes that increase the opportunity cost of work will:
A. decrease the labor supply and shift the supply curve left.
B. increase the labor supply and shift the supply curve right.
C. increase the labor supply and shift the supply curve left.
D. decrease the labor supply and shift the supply curve right.
Answer: A
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Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms that must decide between an average-quality and a high quality product, to answer the questions that follow:
Firm 2 Average Quality High Quality Firm 1 Average Quality 600, 600 400, 1100 High Quality 1100, 400 900, 900 a. What is each player's dominant strategy? Explain your reasoning. b. Referring to the table above, is this an example of a prisoner's dilemma game? Why or why not? c. Is there a Nash equilibrium? If so, what is it?
Assume the federal government collects $20 billion in taxes and spends them on the public. If the money multiplier is 2.5, bank reserves
A) and the money supply still increase by only $20 billion. B) increase by $20 billion and the money supply increase by $50 billion. C) and the money supply both increase by $50 billion. D) and the money supply are unaffected.