The analytical framework in which two or more individuals, companies, or nations compete for certain payoffs that depend on the strategy that others employ is
A) game theory.
B) opportunistic behavior.
C) the dominant equilibrium.
D) the tit-for-tat equilibrium.
A
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Stagflation usually results from
A) a supply shock. B) an increase in aggregate supply. C) a decrease in aggregate demand. D) an increase in aggregate demand.
If a good is inferior in an economic sense, income elasticity will:
a. be less than one. b. exceed one. c. be zero. d. be inelastic. e. be negative.
If a number of people suddenly deposit into their checking accounts a great deal of cash previously kept in their pockets or at home, other things constant, their actions will
a. create excess reserves and place banks in a position to extend additional loans, which will reduce the money supply. b. create excess reserves and place banks in a position to extend additional loans, which will expand the money supply. c. lead to higher interest rates. d. force the Fed to reduce its discount rate.
When no output gap exists actual output ________ potential output and the rate of inflation will tend to ________.
A. exceeds; increase B. equals; remain the same C. is less than; decrease D. exceeds; decrease