A strategy is called a pure strategy if it involves choosing ________
A) one particular action for a situation
B) different combinations of actions for a situation
C) an action that yields a higher payoff to the opponent
D) an action that yields zero payoff to the player
A
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The time between the policy decision and the subsequent change in policy instruments is called the
A) data lag, the time required to collect and analyze data. B) effectiveness lag, the time required for the change in money supply to affect real output. C) legislative lag, the time required for policymaking body to make decisions. D) transmission lag, the time between the change in policy and the change in policy instruments.
Diminishing marginal returns occur because
a. All inputs are variable in the short-run b. All inputs are variable in the long-run c. Some inputs are fixed and some inputs are variable in the short-run d. None of the above
Assume that full-employment real GDP is Y = $1,200 billion, the current equilibrium real GDP is Y = $800 billion, and the MPC is 0.50. What level of aggregate expenditures will close the recessionary gap?
A. $80 billion. B. $140 billion. C. $200 billion. D. $400 billion.
An application of behavioral economics is:
A. rational cost-price decision making. B. price inconsistency. C. forgetting the fungibility of money. D. All of these are applications of behavioral economics.