A player's best response is
A) the strategy that maximizes his payoff given what he thinks the other player will do.
B) a dominant strategy.
C) impossible to find when there isn't a Nash equilibrium.
D) a way to avoid the prisoners' dilemma.
A
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Arturo actually values his home at $120,000 and claims he values the home at $120,000. In an eminent domain situation, the government would pay Arturo ________ for his home
A) exactly $120,000 B) more than $120,000 C) less than $120,000 D) the fair market value
The part of consumption that is determined by income is referred to as autonomous consumption
a. True b. False
The trade deficit is the mirror image of the required capital inflows. So why worry about these capital inflows?
a. Trade deficits automatically cause larger budget deficits. b. Before long, the Germans, Japanese, and other foreigners will own the United States and will be dictating policy to the U.S. government. c. These capital inflows create debts on which interest and principal payments will have to be made in the future. d. During the period of trade deficits, personal consumption must be reduced to build up wealth to repay the debt created.
The successor organization to GATT, created in 1995, is the
A) WTO. B) EU. C) NAFTA. D) FDIC.