When playing a game, a mixed strategy refers to
A) randomly selecting a strategy.
B) consistently alternating between two strategies each time a game is played.
C) never playing the same strategy twice in a row.
D) never playing the same strategy more than once.
A
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Rational expectation theory implies that accurately anticipated change in aggregate demand: a. will increase RGDP in the short run
b. will affect RGDP and inflation only in the long run. c. may affect RGDP but not nominal GDP in the short run. d. will do none of the above.
Ken and Traci are two woodworkers who both make tables and chairs. In one month, Ken can make 3 tables or 18 chairs, whereas Traci can make 8 tables or 24 chairs. Given this, we know that the opportunity cost of 1 chair is
a. 1/6 table for Ken and 1/3 table for Traci. b. 1/6 table for Ken and 3 tables for Traci. c. 6 tables for Ken and 1/3 table for Traci. d. 6 tables for Ken and 3 tables for Traci.
If a central bank were required to target inflation at zero, then when there was a negative aggregate supply shock the central bank
a. would have to increase the money supply. This would move unemployment closer to the natural rate. b. would have to increase the money supply. This would move unemployment further from the natural rate. c. would have to decrease the money supply. This would move unemployment closer to the natural rate. d. would have to decrease the money supply. This would move unemployment further from the natural rate.
A government-inhibited good is a good which
A) is not subject to the principle of mutual exclusivity. B) the political process has deemed socially undesirable. C) can be consumed by one individual without affecting the consumption of another individual. D) the political process has deemed socially desirable.