The slope of the aggregate supply curve shows that the ________ the price level, the ________
A) lower; is the quantity of potential GDP supplied
B) lower; greater is the quantity of real GDP supplied
C) higher; is the quantity of potential GDP supplied
D) higher; greater is the quantity of real GDP supplied
E) higher; smaller is the quantity of real GDP supplied
D
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The above figure shows the payoff matrix for two firms, A and B, selecting an advertising budget. The firms must choose between a high advertising budget and a low advertising budget. A Nash equilibrium
A) occurs when both firms select a high advertising budget. B) exists at any of the four possible strategy combinations because there is never an incentive to change strategy. C) is for both firms to choose the low advertising budget because this yields the highest joint profit. D) does not exist because firm A does not have a dominant strategy.
To be counted in the labor force
A) a person has to be working at least 40 hours per week. B) a person has to be at least 16 or older, have a job, or if unemployed has to be actively seeking employment. C) a person, irrespective of his or her age, has to be working or, if out of work, actively seeking employment. D) a person has to be over 16 years of age, irrespective of whether she or he is actively seeking work.