Answer the following statement(s) true (T) or false (F)
1. The Good Samaritan Rule dictates that if a person witnesses a crime, they must assist the person against whom the crime is being committed.
2. It is always best to be the strong pig in Pigs in a Box.
3. For a Nash equilibrium to exist, at least one player must have a dominant strategy.
4. An outcome is not a Nash equilibrium if either player would be better off with a different strategy.
5. A player has a dominant strategy when there is one strategy the player would want to follow regardless of the other player's behavior.
1. False
2. False
3. False
4. False
5. True
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A nation's nominal gross domestic product (GDP) ________.
A. is always some amount less than C + I + G + NX B. is the dollar value of all final output produced by its citizens, regardless of where they are living C. can be found by summing C + I + S + NX D. is the dollar value of all final output produced within the borders of the nation during a specific period of time
Define the following terms and explain their importance to the study of economics. a. common stock b. corporation c. limited liability d. plowback
What will be an ideal response?
When a hotel charges a much higher price for their luxury suites than their deluxe rooms, is this price discrimination?
A. No. These are two different goods/services. B. Yes., as long as the price per square foot is the same. C. Yes, as long as they are booked online. D. Yes, as long as they offer both rooms to the same customer.
Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound. Assuming no transportation costs, the United States will:
A. have a domestic surplus of copper. B. export copper. C. import copper. D. neither export nor import copper.