A Nash equilibrium occurs if all players in a game play their best strategies
A. before their competitors do.
B. without knowing what their competitors do.
C. given what their competitors do.
D. only if their competitors are unaware of their strategies.
Answer: C
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Suppose a country's labor supply increases in a year while its capital stock remains constant. Which of the following is likely to happen in this case if output is a function of capital and total efficiency units of labor?
A) Its total output will increase. B) Its total output will decrease. C) Its output per capita will decrease. D) Its total output will remain constant.
The current account balance is equal to
A) exports - imports - net interest + net transfers. B) exports - imports + net interest + net transfers. C) imports - exports + net interest - net transfers. D) exports - imports - net interest - net transfers. E) imports - exports + net interest + net transfers.
Figure 5-14
Martha initially buys the combination of pens and pencils shown as A in Figure 5-14. After the prices of both goods change, she buys combination B. It must be true that
A. Martha prefers A to B. B. Martha prefers B to A. C. Martha is indifferent between A and B. D. Martha’s preferences between A and B cannot be determined from the information given.
Which type of firm produces the largest share of manufacturing output?
A) proprietorships only B) partnerships only C) corporations only D) Proprietorships and corporations are tied.