In game theory, an example of a payoff could be:
A. monetary gains made by a player.
B. being the first mover in a game.
C. sharing information with a select few that others aren't privy to.
D. giving an advantage to only one player.
Answer: A
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Which economic question depends on the incomes that people earn and the prices they pay for goods and services?
A) Why? B) How? C) For whom? D) What? E) Where?
A marginally attached worker
i. does not have a job and has not looked for one in the last month. ii. is available and willing to work. iii. must work at least 1 hour per week. A) i only B) ii and iii C) iii only D) i and ii E) ii only
The account that records foreign investment in the United States minus U.S. investment abroad is the
A) capital and financial account. B) official settlements account. C) current account. D) U.S. official reserves account.
The cab fare in Horseville is regulated. Recently, the government decided to raise it from $2.00 to $2.50 per ride. After this rise in fare, cab ridership decreased by 10 percent
a) What is the price elasticity of demand for cab rides in Horseville? (Use the midpoint formula to calculate the percentage change in the price.) Is the demand for rides elastic or inelastic? b) According to your estimate, what happened to the cab drivers' revenue after the fare rose? Explain. c) Why might your estimate of elasticity be inaccurate?