Which of the following teams is not in its original franchise?
A. The Green Bay Packers (football)
B. The Arizona Cardinals (football)
C. The Pittsburgh Steelers (football)
D. The Kansas City Royals (baseball)
Answer: B
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Consider a two-person, two-strategy game in which only pure strategies are played. Such a game must have at least one
a. Nash equilibrium. b. player with a dominant strategy. c. Pareto-optimal outcome. d. outcome that is both a Nash equilibrium and Pareto optimal.
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
"Competition is the great regulator." This statement reflects that
A) when competition is present, businesses have a strong incentive to serve the general public and therefore there is little need for regulation of competitive markets. B) government regulation is the key ingredient of competitive markets and therefore markets cannot be competitive without regulation. C) when markets are regulated by the government, there is no need for competition among business firms. D) extensive regulation is needed to assure that businesses will treat consumers properly and serve the interests of the general public.
Which one of the following best describes how money and wealth are related?
A. Money is wealth but not all wealth is money. B. Money is a means of payment but is not part of wealth. C. Assets that are part of wealth always have a positive return while money does not. D. Wealth is a store of value and a means of payment while money is only a means of payment.