A dominant strategy is:
A. when one strategy is chosen and cannot be changed without making at least one of the players worse off.
B. when one strategy is chosen by a firm first and determines the best strategies of the other players that follow.
C. when one strategy is always the best for a player to choose, regardless of what other players do.
D. None of these statements is true.
Answer: C
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Automatic stabilizers were clearly in evidence during the recession of 2007-2009 as
A) tax revenues and transfer payments both decreased. B) tax revenues decreased. C) tax revenues increased. D) transfer payments decreased.
In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours B) 3,000 hours; 4,000 hours C) 3,000 hours; 2,000 hours D) 4,000 hours; 3,000 hours
What is the relationship between unemployment and the price level in the short run?
What will be an ideal response?
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a ___________ economic statement, and the labor union head's statement is a(n) _____________ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper