In a one-stage game:
A. at least one participant observes a choice by another participant before making some decision.
B. each participant makes all of his choices before observing any choice by any other participant.
C. at least one participant makes his choice before observing the choices made by other participants.
D. one participant has full information of the other players' choices before making his choice.
B. each participant makes all of his choices before observing any choice by any other participant.
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Unit root tests
A) use the standard normal distribution since they are based on the t-statistic. B) cannot use the standard normal distribution for statistical inference. As a result the ADF statistic has its own special table of critical values. C) can use the standard normal distribution only when testing that the level variable is stationary, but not the difference variable. D) can use the standard normal distribution but only if HAC standard errors were computed.
If steak is a normal good and its price rises:
A) the amount purchased may either increase or decrease depending on the relative importance of the income and substitution effects. B) both the income and substitution effects suggest that less will be purchased. C) the substitution effect suggests more will be purchased, but the income effect suggests less will be purchased. D) the income effect suggests more will be purchased, but the substitution effect suggests less will be purchased.
If the CPI is currently 202, what does this tell you about inflation between last year and this year?
A) There was deflation in the economy between this year and last year. B) Inflation in the economy between this year and last year was 2%. C) Inflation in the economy between this year and last year was 102%. D) The CPI measures only the level of prices in a given year, not the percentage change in prices from one year to the next.
Suppose Uzbekistan decides to increase its production of bolts by 10. What is the opportunity cost of this decision?
A. 1/2 nail B. 5 nails C. 20 nails D. 2 nails