The players in a two-person game are choosing between Strategy X and Strategy Y. If the second player chooses Strategy X, the first player's best outcome is to select X. If the second player chooses Strategy Y, the first player's best outcome is to select X. For the first player, Strategy X is called a
a. dominant strategy.
b. collusive strategy.
c. repeated-trial strategy.
d. cartel strategy.
a
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The relative amounts of the goods that will be exchanged for each other in trade refers to the nations'
A) autarky status. B) absolute advantages. C) terms of trade. D) production possibilities.
Suppose the government grants child care subsidies to mothers entering the labor force. What is likely to happen to the equilibrium wage and quantity of labor?
A) The equilibrium wage rises and the equilibrium quantity of labor falls. B) The equilibrium wage falls and the equilibrium quantity of labor rises. C) The equilibrium wage and the equilibrium quantity of labor fall. D) The equilibrium wage and the equilibrium quantity of labor rise.
During a period of economic expansion, when expected profitability is high,
A) the demand curve for bonds shifts to the left. B) the supply curve of bonds shifts to the right. C) the equilibrium interest rate falls. D) the equilibrium price of bonds rises.
If a passive approach is followed in closing an expansionary gap, _____
a. restrictive fiscal policy would be used b. restrictive monetary policy would be used c. the short-run aggregate supply curve would shift to the right d. the price level would decrease in the long run e. an economy would experience inflationary pressure