Refer to Table 14-3. Is there a dominant strategy for Nigeria and, if so, what is it?
A) Yes, it has a dominant strategy depending on what Saudi Arabia does.
B) Yes, the dominant strategy is to produce a high output.
C) Yes, the dominant strategy is to produce a low output.
D) No, there is no dominant strategy.
B
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According to this Application, studies estimated that a decrease of consumer wealth of $1 would ________ consumption spending by somewhere between ________
A) lower; $0.21 and $0.72 B) raise; $0.10 and $0.50 C) raise; $0.21 and $0.72 D) lower; $0.02 and $0.07
The funds that polluters pay that gives them the right to discharge into the air or water a certain amount of pollution are
A) special subsidies. B) regulation fees. C) external costs. D) effluent fees.
Which of the following is a true statement?
a. The concept of potential output might be thought of as the maximum sustainable output of the economy under normal circumstances. b. Actual output cannot exceed potential output, even during a boom. c. When the actual rate of unemployment exceeds the natural rate, the actual output of the economy will rise above its potential. d. Potential output represents the absolute maximum level of production.
The proponents of fixed exchange rates argue that flexible exchange rates
A) hamper international trade because of uncertainty over what the exchange rate will be. B) force a nation to use its domestic macroeconomic policies to maintain an exchange rate. C) lead to trade protectionism. D) a and b E) a, b, and c