Game theory is the study of decision making in situations where strategic interaction occurs between rivals.
Answer the following statement true (T) or false (F)
True
Game theory attempts to explain behavior in strategic situations, in which an actors success depends on the choices of others.
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Which of the following workers is most likely to lose his/her job during a recession?
A. Barber B. Farmer C. Baker D. Construction worker
As a general rule, the marginal utility derived from consuming a good will be less
a. if less rather than more of the good is consumed b. as more of the good is consumed c. only when total utility is at a maximum d. only when the good is inferior e. when less of another good is consumed
Which statement best describes a capitalist economy?
a. Government policies determine the production and the allocation of goods and services b. The role of individual self-interest is relatively unimportant because government makes most of the economic decisions c. Government policies determine the production, but not the allocation, of goods and services d. Society determines production and the allocation of goods and services only through markets
Which of the following is NOT a reason the Fed changes the rate of growth of the money supply?
A) to influence the amount of consumption B) to influence the amount of investment C) to shift the demand for money curve D) to influence aggregate demand