Which of the following is a disadvantage of the European Monetary Union to member countries?
A. Loss of some national identity
B. Greater price transparency
C. Greater clout for European consumers
D. The expected creation of new reserve currency, the euro
Answer: A
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Consider the Prisoners' Dilemma game, and suppose one player confesses but the other player does not confess. This outcome is
a. a Nash equilibrium. b. Pareto optimal. c. a Pareto improvement over the outcome where both players confess. d. Pareto-inferior to the outcome where neither player confesses.
Refer to Table 17-4. What are the quantity of labor and marginal revenue product of labor that will maximize the profit Apple would earn from selling iPods?
A) 2; $680 B) 2; $160 C) 3; $140 D) 3; $340
A payoff matrix
A) shows the payoffs (i.e. bribes) required to government officials for firms undertaking specific actions. B) details the actions each firm takes. C) shows the payoffs to each firm for each possible outcome. D) is optional in game theory.
A black market is
a. a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices. b. a market where goods and services can be obtained at lower prices. c. a government-mandated market where controls are placed on prices. d. a market where exchanges are made using bartering.