A player is playing a pure strategy when:
A. he chooses a rule to randomize over the choice of a strategy.
B. he chooses a strategy without randomizing.
C. there is uncertainty in his choice.
D. it is not perfectly predictable.
B. he chooses a strategy without randomizing.
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If the price of toothpaste is represented by equation P = 40 - .5QD, then the corresponding quantity of toothpaste demanded is represented by the equation
A) QD = 80 - 2P. B) QD = 40 - P. C) QD = 20 - .5P. D) QD = -20 + P.
In the open-economy macroeconomic model, if for some reason foreign citizens want to purchase more U.S. goods and services at each exchange rate, then
a. the demand for dollars in the market for foreign-currency exchange shifts right. b. the demand for dollars in the market for foreign-currency exchange shifts left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.
Estate sales often involve an auctioneer rattling off prices in an effort to get the highest price possible. Which of the following is true?
A. If the auctioneer starts the bid too low and only one person wants the item, then efficiency is not reached. B. The sale does reach equilibrium because the only person desiring the item at the last price called gets it so no other trades could add to welfare. C. Equilibrium properties are not relevant unless a larger market is involved. D. Because there is no chance to have the quantity supply increased in the moment the sale cannot reach the efficient point.
If the nominal interest rate is 18 percent and the real interest rate is 6 percent, the inflation rate is:
A. 18 percent. B. 24 percent. C. 12 percent. D. 6 percent.