If the value of a Nation's merchandise exports exceeds merchandise imports, the nation is running a
What will be an ideal response?
balance of trade surplus
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An increase in interest rates will cause investment to
A) increase. B) decrease. C) not change. D) move erratically, depending on the interest rate effect on saving.
Variable costs are:
A. costs that don't depend on the quantity of output produced. B. costs that depend on the quantity of output produced. C. one-time costs. D. None of these is true.
Expected value refers to the
A. Present value of a future payment. B. Difference in the rates of return on risky and safe investments. C. Probable value of a future payment, including the risk of nonpayment. D. Future value of a current payment.
Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice.
Which of the following statements is true?
A. The lower-left cell is the only Nash equilibrium. B. Both the lower-left and upper right cells are Nash equilibria. C. The upper-right cell is the only Nash equilibrium. D. Both the upper-left and lower-right cells are Nash equilibria.