Refer to the scenario above. Robert should use ________ to play this game
A) forward induction
B) backward induction
C) mixed strategies
D) his dominated strategy
B
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Jane produces only corn, measured in tons, and cloth, measured in bolts. For her, the opportunity cost of one more ton of corn is
A) the same as the opportunity cost of one more bolt of cloth. B) the inverse of the opportunity cost of one more bolt of cloth. C) the ratio of all the bolts of cloth she produces to all the tons of corn she produces. D) the ratio of all the tons of corn she produces to all the bolts of cloth she produces.
An "omitted variable" is
A) a variable that has no impact on other variables in an economic analysis. B) a variable which is purposely omitted from an economic analysis. C) a variable that affects other variables and its omission from economic analysis can lead to false conclusions about cause and effect. D) a variable which is inadvertently omitted from an economic analysis.
Which of the following essential factors enables commercial banks to create money?
a. Required reserves b. Excess reserves c. State and local government securities d. U.S. government securities e. Net worth
Which of the following is true in the short run? a. The aggregate supply curve is horizontal
b. The aggregate supply curve is vertical. c. Per-unit costs do not increase as much as output prices when the price level rises. d. An increase in price per unit results in a decrease in profit per unit. e. Firms' total costs of production decrease as output expands beyond the potential level.