Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Right.
C. If Theodore chooses Left, James's best response is to choose Up.
D. If Theodore chooses Right, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Down.
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Suppose a market is in equilibrium. The area below the demand curve and above the market price is:
A. total economic surplus. B. consumer surplus. C. producer surplus. D. the loss in total economic surplus.
A perfectly competitive firm has no market power.
Answer the following statement true (T) or false (F)
The crowding out of private spending by government spending will be greater the
A) less sensitive consumption, investment, and net exports are to changes in interest rates. B) more sensitive consumption, investment, and net exports are to changes in interest rates. C) less sensitive consumption, investment, and net exports are to changes in the price level. D) more sensitive consumption, investment, and net exports are to changes in the price level.
Normative economics looks at outcomes of economic behavior and evaluates them as good or bad.
Answer the following statement true (T) or false (F)