Explain why choosing which job to apply for constitutes a game, while choosing where to order pizza for dinner is more likely just a decision
What will be an ideal response?
Choosing which job to apply for is a game because it involves mutual interdependence. Each job opening is only available to one person, so being hired not only depends on what you do in an attempt to be hired and what qualities you can bring to the job, such as preparing for your interview, making sure you have great references, your previous job experience, etc., but also what qualities other applicants (the other players) have or how hard they work to get the job. Choosing where to order a pizza is just a decision because there is no mutual interdependence involved.
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Data confirms that the quantity theory of money:
A) holds only in the short run. B) holds in the long run. C) holds both in the long run and the short run. D) does not hold either in the short run or in the long run.
Government is viewed in the economic way of thinking as many different people interacting on the basis of
A) fear of punishment rather than hope for reward. B) legal considerations rather than profitability. C) prevailing property rights. D) principles of cooperation rather than of competition. E) regard for the public interest rather than private interest.
The Chicago Board of Trade promotes liquidity in the futures market by
A) setting prices. B) establishing a price floor. C) allowing the short or the long to renegotiate contract terms. D) standardizing contract terms.
Real business cycle and new Keynesian models disagree upon
a. whether people form their expectations rationally. b. whether changes in unemployment are voluntary or involuntary. c. whether individuals engage in optimizing behavior at all times. d. whether changes in the money supply affect output in the long-run.