What is a zero-sum game? Explain with an example
What will be an ideal response?
A zero-sum game is one in which one player's gain is another player's loss, so the sum of the payoffs is zero. A game of poker is an example of a zero-sum game because in this game, one player's loss is another player's gain.
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Which of the following would be considered a "leisure" activity by economists?
A. Mopping the floor at McDonald's for minimum wage B. Mopping your kitchen floor C. Folding sweaters while working at the Gap D. None of these activities would be considered leisure.
A comparative advantage in the production of oil is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.
If short-run equilibrium output equals 10,000, the income-expenditure multiplier equals 5, the mpc equals 0.8, and potential output (Y*) equals 9,000, then transfers must be ________ by approximately ________ to eliminate any output gap.
A. increased; 200 B. increased; 250 C. decreased; 200 D. decreased; 250
What type of policy does the government adopt in dealing with government-inhibited goods?
A. It subsidizes their production. B. It provides them as public goods. C. It taxes, regulates, or prohibits their use. D. It subsidizes their consumption.