A Nash equilibrium:
A. is reached when all players choose the best strategy they can, given the choices of all other players.
B. is a point in a game when no player has an incentive to change his or her strategy, given what the other players are doing.
C. is a stable outcome of a game.
D. All of these statements are true.
D. All of these statements are true.
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In the classical model, aggregate demand and aggregate supply will
A) not exist. B) intersect at the point of full employment. C) intersect at less than full employment. D) not intersect.
If the demand for a good is determined to be "inelastic," then the elasticity measure
A) is greater than 1.0. B) is equal to 1.0. C) is less than 1.0. D) is infinite.
Under a consumption-based theory of the pricing of risky assets, uncertain returns on such an asset should be discounted by a "stochastic discount factor" that takes into account: a. the mean and standard deviation of the uncertain return
b. whether the uncertain return has a normal distribution. c. both the nominal and real interest rates. d. the rate of time preference and present and future marginal utility of wealth.
Raising the required reserve ratio __________ the simple deposit multiplier which will __________ the economy's money supply
A) raises; increase B) raises; decrease C) lowers; increase D) lowers; decrease