Game theory is:
A. the study of how people behave strategically under different circumstances.
B. used to predict the winners of only certain types of strategic games.
C. used to evaluate the microeconomic choices that involve probabilities of different outcomes.
D. the study of games of chance like solitaire or betting on horse races.
A. the study of how people behave strategically under different circumstances.
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If half of all unemployed individuals suddenly gave up looking for work, the unemployment rate would ________ and the labor force participation rate would ________
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase E) There is not enough information to answer this question.
In a Malthusian world, what event would improve temporarily the standard of living, as measured by output per capita?
A) a peace keeping mission B) an increase in violent crime C) a new mutation of germs D) a new sewer system
Which of the following is the most accurate statement about real and nominal interest rates?
a. Real interest rates can be either positive or negative, but nominal interest rates must be positive. b. Real interest rates and nominal interest rates must be positive. c. Real interest rates must be positive, but nominal interest rates can be either positive or negative. d. Real interest rates and nominal interest rates can be either positive or negative.
The increase in spending that occurs because domestic goods become cheaper relative to foreign goods when the price level falls is known as the:
A. interest rate effect. B. international trade effect. C. price effect. D. wealth effect.