All modern economies depend on
A. the exploitation of workers.
B. government ownership of the means of production.
C. free-enterprise.
D. specialization.
D. specialization.
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It is unlikely that players will attain the Stackelberg equilibrium if
a. both players have a dominant strategy. b. the Stackelberg equilibrium is Pareto preferred to the Nash equilibrium. c. the second player cannot be assured that the first player is committed to his strategy. d. there is an advantage to being the second player.
Free entry is said to exist in an industry when:
A) all firms entering an industry enjoy economies of scale. B) entry is unfettered by any special legal or technical barriers. C) equal amounts of inputs are available to all firms entering an industry. D) the government subsidizes costs for all new firms entering an industry.
The reduced form equation for X
A) regresses the endogenous variable X on the smallest possible subset of regressors. B) relates the endogenous variable X to all the available exogenous variables, both those included in the regression of interest and the instruments. C) uses the predicted values of X from the first stage as a regressor in the original equation. D) uses smaller standard errors, such as homoskedasticity-only standard errors, for inference.
According to economists, which of the following is a good predictor of human behavior in most situations?
a. obligation b. altruism c. selfishness d. self-interest