All normal-form games have at least one dominant strategy
Indicate whether the statement is true or false
False. Dominant strategies only arise if a player has a single strategy that provides higher payoffs than any other strategy regardless of the other player's move.
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When actual output exceeds potential output, there is ________ output gap and the inflation rate will ________.
A. an expansionary; be lower than the expected rate of inflation B. no; be equal to the expected rate of inflation C. an expansionary; exceed the expected rate of inflation D. a recessionary; exceed the expected rate of inflation
What is true at the profit-maximizing quantity for a nondiscriminating monopolist but not true of a perfectly competitive firm?
a. Price equals marginal cost. b. Price is greater than marginal cost. c. Marginal revenue equals marginal cost. d. Marginal revenue is less than marginal cost. e. Marginal revenue is greater than average revenue.
Give an example of how economics can be used in either a marriage, politics, or education.
What will be an ideal response?
Briefly discuss the primary features of the mercantilist philosophy. Mention two major criticisms of the mercantilist theory as put forward by Adam Smith and other economists.
What will be an ideal response?