A Nash equilibrium occurs when each player in a game takes the ________ given the action of the other player
A) worst possible action for himself or herself
B) best possible action for himself or herself
C) most unpredictable possible action
D) most mutually beneficial possible action
E) best possible action for the other player
B
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Suppose the price level is unchanged and real GDP decreases. Then
A) nominal GDP must decrease. B) nominal GDP must remain unchanged. C) nominal GDP must increase. D) none of the above are true.
Key influences on the valuation of economic profits include ________
A) the average level of the prices of goods and services sold B) the rental price of capital C) the wage rate D) all of the above E) none of the above
A rise in the interest rate tends to
a. reduce many kinds of spending b. stimulate investment in high-profit industries c. cause bond prices to increase d. encourage confidence in the Fed's control over the economy e. suggest a downturn in the economy is coming within 6 months
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Art's opportunity cost of producing one computer is ________ pounds of beef.
A. 1/50 B. 50 C. 1/100 D. 100