Game theory was developed in the 1940s by John von Neuman, a mathematician, and an economist named
A) John Nash.
B) John Maynard Keynes.
C) Oskar Morgenstern.
D) Milton Friedman.
Answer: C
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Consumers' income declines and, as a result, the demand for margarine increases. Is margarine a normal or an inferior good? Explain
What will be an ideal response?
Let us define the real wage as the purchasing power of one hour of labor. In the Ricardian 2X2 model, if two countries under autarky engage in trade then
A) the real wage will not be affected since this is a financial variable. B) the real wage will increase only if a country attains full specialization. C) the real wage will increase in one country only if it decreases in the other. D) the real wage will rise in both countries. E) the real wage will fall under pressure of international competition.
The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition. B. mergers and acquisitions. C. process innovation. D. creative destruction.
Suppose that the government sets a minimum price for soybeans at $5 a pound above the equilibrium price. This leads to a quantity traded:
A. at the equilibrium quantity. B. below the equilibrium quantity. C. above the equilibrium quantity. D. There is not sufficient information.