In game theory, the outcome achieved when each player's choice does not depend on what the other player does is called:
a. the Nash equilibrium.
b. the dominant-strategy equilibrium.
c. the tit-for-tat strategy.
d. prisoner's dilemma.
b
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If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
A. An increase in quantity of unskilled labor demanded. B. A decrease in the quantity of unskilled labor supplied. C. A shortage of unskilled labor. D. A surplus of unskilled labor (unemployment).
The aggregate demand curve slopes downward because at higher price level
A) the purchasing power of consumers'? assets declines and consumption increases. B) producers can get more for what they produce, and they increase production. C) the purchasing power of consumers'? assets declines and consumption decreases. D) the purchasing power of consumers'? assets increases and consumption increases.
In many cases, tax loopholes are designed by Congress to
a. give special treatment to specific types of behavior. b. reduce the overall administrative burden of the tax system. c. raise revenues for special projects. d. All of the above are correct.
Suppose that the current exchange rate between the dollar and peso is $1 equals 10 pesos. If a firm in Mexico wanted to purchase $100,000 worth of U.S. televisions, how many pesos must they exchange?
A) 10,000 pesos B) 100,000 pesos C) 1,000,000 pesos D) 11,000,000 pesos