The process of analyzing a problem in reverse-starting with the last choice, then the second-to-last choice, and so on, to determine the optimal strategy-is called:
A. forward thinking.
B. backward working.
C. backward thinking.
D. backward induction.
Answer: D
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A point lying to the northeast of the production possibilities frontier is
A) unattainable. B) efficient. C) inefficient. D) profitable.
The U.S. government incurred a national debt for the first time during
A. The Revolutionary War. B. Ronald Reagan's presidency. C. World War II. D. The Great Depression.
When a purely competitive industry is in long-run equilibrium, which statement is true?
A. Marginal revenue is greater than price. B. Price and average total cost are equal. C. Marginal cost is at its maximum level. D. Average total cost is less than marginal cost.
According to Keynes, the primary determinant of Amy's saving is
A. the level of Amy's real current income. B. the level of Amy's consumption spending. C. the real interest rate. D. the nominal interest rate.