Informal game theory:
A. shows how the Nash equilibrium is reached.
B. relies on deductive logic.
C. assumes people calculate their optimal strategy.
D. considers how people actually think and behave.
Answer: D
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Which one of the following would count as investment in the national income accounts?
What will be an ideal response?
Foreign aid:
A. provided by developed countries to developing countries represents about 10 percent of the GDP of developed countries. B. is an important source of funding for investment in most developing countries. C. does not contribute much to domestic investment in most developing countries. D. is largely wasted in most developing countries because it comes with no strings attached.
The supply of labor to the individual firm in a perfectly competitive market is
A. perfectly inelastic at the current equilibrium employment level. B. equal to the marginal revenue of output. C. downward sloping. D. perfectly elastic at the current market clearing wage rate.
Refer to the graph shown.
We can conclude from the diagram that:
A. Norstrilia has a comparative advantage in both goods. B. Norstrilia has a comparative advantage in manufacturing and Graustark has a comparative advantage in agriculture. C. Norstrilia has a comparative advantage in agriculture and Graustark has a comparative advantage in manufacturing. D. Graustark has a comparative advantage in both goods.