What is meant by strategic behavior?
What will be an ideal response?
Strategic behavior is when someone considers how their behavior affects the behavior of others and acts accordingly.
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Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 3 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
A. positive and greater than $10,000. B. negative. C. zero. D. positive but less than $10,000.
If the single-input producer choice set is fully convex, the first order conditions of the profit maximization problem are necessary but not sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
The mean household income is
A) the income that separates households into two equal groups. B) the most common household income. C) the percentage of total income received by the richest 20 percent of households. D) the average household income.
If interest rates in Europe fall below interest rates in the United States, then, other things equal, the demand for euros will decrease
a. True b. False Indicate whether the statement is true or false