The payoff matrix shows the outcome for only one player in a game situation.
Answer the following statement true (T) or false (F)
False
A payoff matrix shows the outcome for each player in the game.
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In each of the following cases, identify whether a competitive firm's producer surplus will increase, decrease, or remain unchanged
i. The demand for the product increases ii. The firm's marginal cost of production increases iii. The market price of the product falls
A shift in a curve represents a change in:
a. the variable on the horizontal axis. b. the variable on the vertical axis. c. a third variable that is not on either axis. d. any variable that is relevant to the relationship being graphed.
The per capita incomes of countries in the quartile with the most economic freedom during 1980-2010 were
a. slightly lower than those of the quartile of countries with the least economic freedom. b. about the same as the quartile of countries with the least economic freedom. c. about twice those of the countries with the least economic freedom. d. about eight times those of the quartile of countries with the least economic freedom.
Which statement about the Federal Reserve Board of Governors is true?
a. The members of the Board of Governors are appointed every four years. b. The chair of the Board of Governors is usually a career politician. c. Members are appointed by the president with Senate approval. d. Members are democratically selected by the 12 banks that make up the Fed.