The analytical framework in which two or more individuals, companies, or nations compete for certain payoffs that depend on the strategy that others employ is
A) game theory.
B) opportunistic behavior.
C) the dominant equilibrium.
D) the tit-for-tat equilibrium.
Answer: A
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Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. What is a reason for this difference in price?
A) Booth was a well-known actor; the demand for his letters rose as wealthy actors attempted to buy them. B) Many people are more fascinated by villains and anti-heroes than by heroic figures. C) There are more letters available for collectors to buy that were written by Lincoln than there are letters that were written by Booth. D) There is a surplus of letters written by Booth and a shortage of letters written by Lincoln.
In 2010, personal consumption expenditures constituted ________ percent of nominal GDP
A) 70.6 B) 17 C) 18 D) -5.4
Any point outside the production possibilities frontier is called
A) unobtainable. B) full employment. C) unemployment. D) inefficient.
If an economy were experiencing a high rate of unemployment as the result of insufficient aggregate demand, a Keynesian economist would favor:
A. an increase in taxes coupled with a reduction in government expenditures of equal size. B. an increase in taxes. C. a reduction in taxes, without any offsetting reduction in government expenditures. D. maintenance of a balanced budget.