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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An increase in the demand for chicken is predicted to ________ the real wage and ________ employment of unskilled workers in a poultry processing plant.
A. increase; increase B. decrease; decrease C. increase; not change D. increase; decrease
To help offset the costs from loan defaults, the First National Bank of Gotham decides to increase the interest rate it charges on its business loans
As a result of this increase in the interest rate, the creditworthiness of Gotham's loan applicants is likely to A) improve. B) deteriorate. C) be unchanged. D) be unchanged, unless the economy enters a recession at the same time as the interest rate is increased.
Which of the following statements is true about Mercantilism?
a. A weak state is needed to regulate and control the economy. b. Adam Smith was the intellectual founder of mercantilism. c. Individual economic freedoms, property rights, and private contracts are more important than the interests of the public. d. There are no universal principles of economics. e. none of the above.
You paid $25 for your ticket to the football game, only to see your favorite team losing 28-0 at the end of the first quarter. That $25 should now be regarded as a(n) ____ cost that should be ____ in your decision on whether or not to stay at the game.
Fill in the blank(s) with the appropriate word(s)