Which of the following can always be used to determine the outcome when there are multiple Nash equilibria?
A) the Pareto Criterion
B) cheap talk
C) Both A and B
D) None of the above.
D
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A strategy is called a pure strategy if it involves choosing ________
A) one particular action for a situation B) different combinations of actions for a situation C) an action that yields a higher payoff to the opponent D) an action that yields zero payoff to the player
Assume that production from an electric utility caused acid rain. If the government imposed a tax on the utility equal to the marginal external cost of the acid rain, the government's action would
A) internalize the externality. B) externalize the externality. C) result in a marginal social benefit greater than the marginal cost of the electricity. D) be an example of supply-side economic policy.
The U.S. financial system is a(n) __________ system
A) markets-oriented B) angel financing C) banking-oriented D) loan committee
Working as an elevator operator used to be a common job in the workforce four decades ago, but today few jobs remain. The unemployment created by the introduction of automatic elevators would be considered:
a. Structural b. Frictional c. Cyclical d. Wait