The payoff matrix below shows the payoffs (in millions of dollars) for two firms, A and B, for two different strategies, investing in new capital or not investing in new capital. 
Firm A's dominant strategy is to ________, and Firm B's dominant strategy is to ________.
A. not invest; not invest
B. invest; not invest
C. invest; invest
D. not invest; invest
Answer: C
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South Korea used an inward-oriented development strategy to focus on the growth of exports
a. True b. False Indicate whether the statement is true or false
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic prices would:
A. remain $14 for domestically produced goods, and be $10 for those units imported. B. drop to $10 for all units. C. increase to $17 for all units sold. D. remain $14, with more units sold overall.
Adam Smith wrote two very important books. The Wealth of Nations describes how markets work when people exercise self-interest. The other claims that humans
A. have a moral sense which gives them an interest in the wellbeing of others. B. who reject religion will be unsuccessful in markets. C. have not relied enough on the visible hand of government to control markets. D. constantly miscalculate and make bad decisions.
Real GDP is calculated by:
A. multiplying nominal GDP by the appropriate price index times 100. B. dividing nominal GDP by the inflation rate times 100. C. dividing nominal GDP by the appropriate price index times 100. D. multiplying nominal GDP by the inflation rate times 100.