Game theory, which is used in studying oligopoly behavior, originated from the study of games such as the following, except
A. checkers.
B. solitaire.
C. chess.
D. poker.
Answer: B
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Relative to a world in which some people are motivated by nonmaterial incentives, if all people were motivated solely by financial incentives, then:
A. there would be no commitment problems. B. both business transactions and personal interactions would be different. C. transactions in the business world would be the same, but personal interactions would not. D. economic efficiency would be achieved more often.
Suppose the demand for X is given by Qxd = 100 - 2PX + 4PY + 10M + 2A, where PX represents the price of good X, PY is the price of good Y, M is income and A is the amount of advertising on good X. Based on this information, we know that good Y is
A. an inferior good. B. a substitute for good X. C. a complement for good X. D. a normal good.
The primary reason that U.S. money has value is that it
a. is backed by gold b. is fiat money c. is accepted by others in exchange for goods and services d. is commodity money e. has a fixed value established by the Federal Reserve.
One of the steps in cost-benefit analysis is distinguishing time frames.
A. True B. False C. Uncertain