A decision matrix:
A. outlines the clear outcome of any strategy-based game.
B. shows only the decisions of one player.
C. is not useful in evaluating the strategic choices.
D. summarizes the players, strategies, and payoffs associated with a game.
Answer: D
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If information is asymmetric, explain why the hire contract is not efficient in production and a moral hazard exists, but the fixed fee to the principal contract is efficient and does not pose a moral hazard problem
What will be an ideal response?
Pollution charges will be efficient if
a. the charge is just equal to the cost borne by others from the pollution. b. the charge is greater than the cost borne by others from the pollution. c. the charge is less than the cost borne by others from the pollution. d. none of the above.
Briefly discuss how firms’ investment makes the economy grow.
What will be an ideal response?
Internal market forces include all of the following except
A. Innovation. B. Trade disruptions. C. Population growth. D. Spending behavior.