In simultaneous move Bayesian games, a player's beliefs are fully given by the probability distribution used by "Nature" to assign types.
Answer the following statement true (T) or false (F)
True
Rationale: In a simultaneous move game, neither player gets any new information as the game unfolds -- and so beliefs at the beginning of the game don't change.
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In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free. b. are willing to buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
If the U.S. national income is ten times the national income of Canada and the MPC in the US is 0.75 while it is 0.90 in Canada, then
a. the MPS is greater in the U.S. but consumption is greater in Canada b. the MPS is greater in the U.S. but saving is greater in Canada c. the MPS is greater in Canada but saving is greater in the U.S. d. both the MPS and saving is greater in Canada e. both the MPS and saving is greater in the U.S.
Institutions are:
a. the rules of the game b. how resources are allocated c. illustrations of the laws of scarcity d. organizations that operate on a non-profit basis e. none of the above
For a monopoly firm,
a. price always equals marginal revenue. b. price always exceeds average revenue. c. any price-quantity combination will maximize profits. d. None of the above is correct.