First-mover advantage is:
A. very important in one-round sequential games.
B. likely to lead to a positive-positive outcome.
C. most advantageous in a prisoner's dilemma-type game.
D. None of these statements is true.
Answer: A
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Which of the following statements is NOT true?
A) Unemployment in the US economy represents an excess demand for labor. B) A surplus may be reduced by shifting the demand curve rightward. C) A surplus may be reduced by shifting both the supply and demand curves. D) A shortage may be reduced by shifting the supply rightward.
A perfectly elastic demand curve is
A. horizontal. B. vertical. C. upward sloping. D. downward sloping.
The marginal rate of transformation is the slope of the production possibility frontier.
Answer the following statement true (T) or false (F)
What is the fastest growing component of consumption in the United States?
A) new home construction B) services C) nondurable goods D) durable goods