Question 40 Any point on the production possibilities frontier is called unemplo

Question

Question 40

Any point on the production possibilities frontier is called

unemployment.

inefficient.

unobtainable.

full employment.

3 points   

Question 41

Brand names are

generally not a source of power

free

costly

an enforceable contract

3 points   

Question 42

In what market type does an individual firm face a perfectly elastic demand curve?

perfect competition

monopolistic competition

oligopoly

monopoly

3 points   

Question 43

In which market type does one find the most advertising

monopolistic competition

oligopoly

perfect competition

monopoly

3 points   

Question 44

In which market type does the firm face the most inelastic demand curve?

perfect competition

monopolistic competition

monopoly

oligopoly

3 points   

Question 45

What type of market has few sellers?

perfect competition

monopolistic competition

oligopoly

monopoly

3 points   

Question 46

A prisoner's dilemma exists when

all parties are as well off as possible.

all parties are worse off than would be the case if the parties could agree to another set of behaviors.

all but one party is worse off.

there are no benefits at all from any strategy.

3 points   

Question 47

If a player has a strategy where one course of action outperforms all others no matter what other players do, that strategy is

a prisoner's dilemma.

dominated.

dominant.

a winner.

3 points   

Question 48

If there is a combination of strategies in which each player's action is the best response to the actions of other players, then there is

a Boyes equilibrium.

an unstable equilibrium.

a complementary equilibrium.

a Nash equilibrium.

3 points   

Question 49

In a simultaneous game,

players have the benefit of seeing the moves of others before they make their moves.

every player is looking forward and reasoning forward.

one player has to go first.

players do not have the benefit of observing the moves of other players before making their own.

3 points   

Question 50

Economic profit equals

accounting profit plus the cost of capital.

accounting profit plus the opportunity cost of labor.

accounting profit minus the cost of capital.

accounting profits divided by the cost of capital.

unemployment.

inefficient.

unobtainable.

full employment.

Explanation / Answer

40.full employment.

41. an enforceable contract

42. perfect competition

43. monopolistic competition

44. monopoly

45. oligopoly

46. all parties are worse off than would be the case if the parties could agree to another set of behaviors

47. dominant.

48. a Nash equilibrium.

49. players do not have the benefit of observing the moves of other players before making their own.

50. accounting profit plus the opportunity cost of labor.

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