A dominant strategy:
A. is always the same for all players of a game.
B. exists in every game.
C. is the best one to follow no matter what strategy other players choose.
D. awards the highest achievable payoff in a game.
Answer: C
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In the Keynesian model, everything else equal, a higher level of income
a. increases money demand and reduces the interest rate. b. increases money demand and increases the interest rate. c. increases savings and decreases the interest rate. d. increases investment and has no effect on the interest rate. e. both b and c.
The U.S. demand for foreign cars has increased dramatically since the early 1900s because
(a) Americans perceive foreign cars as lower quality cars than U.S.-produced cars. (b) foreign producers are manufacturing relatively fuel-efficient cars. (c) U.S. consumer demand for large, fuel inefficient cars has increased. (d) of all of the above reasons.
Newspaper accounts of the U.S. labor market often point out that many people are working more hours than their parents did. What might explain this phenomenon?
A) the substitution effect B) the endowment effect C) bounded rationality D) the income effect
Typically, the major cost of a college education is
A) tuition. B) books. C) foregone income. D) housing.