The equilibrium outcome used in both the sequential and simultaneous move games is known as
a. The centrality equilibrium
b. First mover equilibrium
c. Nash equilibrium
d. All of the above
c
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The BP curve is upward sloping if assets are perfectly substitutable
Indicate whether the statement is true or false
If the marginal propensity to consume is 0.7 and if output increases by $200, then consumption spending
A) increases by $70. B) decreases by $70. C) increases by $140. D) decreases by $140.
Each of the following would shift a nation's production possibilities frontier outward, but which is least likely to be accompanied by an increase in the standard of living?
a. population growth b. increased investment in private physical capital c. increased investment in human capital d. technological advances e. increased investment in infrastructure
Nominal GDP increases when either or both prices and output increase
Indicate whether the statement is true or false