All games involve which of the following?
A. Payoffs
B. Strategies
C. Multiple players
D. All games involve all of these things.
Answer: D
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If the MPC is 0.9, then an increase in taxes of $100 can be expected to __________ consumption by the amount of __________
A) increase; $90 B) decrease; $90 C) increase; $100 D) decrease; $100
An ultimatum game is:
A. the only game played by unions in reality. B. one in which one player makes an offer and the other player has the simple choice of whether to accept or reject. C. a repeated sequential game. D. one in which one player makes an offer and the other player has the choice of whether to accept or offer a counteroffer.
How does a decrease in the price of good X affect the market rate of substitution between goods X and Y?
A. It increases. B. It remains unchanged. C. It decreases. D. Indeterminable without more information.
If Marlowe obtains 9 units of utility per dollar spent on apples and 6 units of utility per dollar spent on oranges, then Marlowe
A) is maximizing total utility. B) should buy more apples and fewer oranges. C) should buy more oranges and fewer apples. D) should buy fewer oranges and fewer apples.