The players in a two-person game are choosing between Strategy X and Strategy Y. If the second player chooses Strategy X, the first player's best outcome is also to select X. If the second player chooses Strategy Y, the first player's best outcome is to select X. For the first player, Strategy X is called a
a. dominant strategy
b. collusive strategy
c. tit-for-tat strategy
d. repeated-trial strategy
e. tacit strategy
A
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Assume that the demand curve for oranges is downward-sloping and the supply curve for oranges is upward-sloping. If the government imposes an excise tax of 10¢ per orange, then the total price (including the tax) that demanders must pay for an orange
a. remains unchanged. b. rises by less than 10¢ per orange. c. rises by exactly 10¢ per orange. d. rises by more than 10¢ per orange.
In the figure above, between points A and B, what is the slope of the line?
A) 4 B) 1 C) 3 D) -3 E) 0
If Ep is 2500 and Y is 3000, then companies will
A) reduce orders and production by 500. B) increase orders and production by 500. C) wait for final sales to increase. D) wait for final sales to decrease.
According to traditional Keynesian economics, expansionary fiscal policy initiated by the federal government
A) is never appropriate. B) is an appropriate way to prevent recessions and depressions. C) is an appropriate way to slow down an over-heated economy. D) will always fail due to crowding out effects.