According to the circular flow diagram, a manufacturer of arms would provide arms in the market for goods and services and receive _____ in return
a. revenue
b. scarce resources
c. arms
d. technological knowhow
a
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In 2012, the top one-fifth of U.S. households earned ________ of the nations total income
A) about 22% B) just under 35% C) just over half D) almost 90%
A dominant strategy is one that
A) yields a position of the winner so long as the other participants act as planned. B) every participant in the game will follow. C) turns a negative-sum game into a positive-sum game. D) always yields the highest benefit regardless of what the other players do.
The Keynesian idea that the government can achieve a specific level of GDP by changing government spending and taxing was known as
a. fine-tuning b. supply-side stimulation c. classical manipulation d. hunting for the Phillips curve e. crowding out
The figure below presents information for a one-shot game.Firm AFirm B??Low PriceHigh Price?Low Price(2,2)(10,-8)?High Price(-8,10)(6,6)What are the Nash equilibrium strategies for firm A and B respectively?
A. (high price, low price) B. (low price, low price) C. (high price, high price) D. (low price, high price)