An ultimatum game is:
A. one in which one player makes an offer and the other player has the simple choice of whether to accept or reject.
B. one in which one player makes an offer and the other player has the choice of whether to accept or offer a counteroffer.
C. a repeated sequential game.
D. the only game played by unions in reality.
A. one in which one player makes an offer and the other player has the simple choice of whether to accept or reject.
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Profit-maximizing firms in a competitive market produce an output level where
a. marginal cost equals marginal revenue. b. marginal cost equals average total cost. c. marginal revenue is increasing. d. price is less than marginal revenue.
Government corruption
a. impedes the coordinating power of markets and discourages investment. b. impedes the coordinating power of markets but does not discourage investment. c. does not impede the coordinating power of markets, but does discourage investment. d. can neither impede the coordinating power of markets nor discourage investment.
Wealth is redistributed from creditors to debtors when inflation is
a. high, whether it is expected or not. b. low, whether it is expected or not. c. unexpectedly high. d. unexpectedly low.
An import-export business that finds itself in a "short" foreign-currency position risks a financial loss if
A. the foreign currency depreciates (more than expected). B. the domestic currency depreciates (more than expected). C. it pays attention to exchange-rate forecasts. D. foreign demand for its product rises (more than expected).