Answer the following statement true (T) or false (F)
1) If one player in a game has a dominant strategy, the other player must also have a dominant strategy.
2) A player is said to have a dominant strategy when one of the options available is superior,
regardless of what strategy the other player chooses.
3) If neither player has an incentive to deviate from the outcome of a game, the outcome is a
Nash equilibrium.
4) A Nash equilibrium can only occur in repeated games.
5) One characteristic of sequential games is that they all have first-mover advantages.
1) F
2) T
3) T
4) F
5) F
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Limiting protectionism means
A) reducing political dishonesty. B) reducing consumer fraud. C) reducing trade barriers. D) reducing corruption.
Full employment is not considered to be zero unemployment because
A) some people do not want a job. B) there are not enough jobs for everyone who wants one. C) some cyclical unemployment always exists. D) people do not find jobs instantaneously.
The term that is used to refer to a situation in which one party to a transaction has more or better information than the other party is
A) adverse selection. B) asymmetric information. C) moral hazard. D) deceptive trade practices.
Which component of employee compensation has grown most rapidly in recent decades?
A) net interest income B) benefits C) transfer payments D) wages and salaries E) net factor income