Answer the following questions true (T) or false (F)
1. A fundamental assumption in game theory is that players do not interact with each other.
2. In a Nash equilibrium, all players select non-dominant strategies.
3. Price leadership is a form of explicit collusion where one firm in an oligopoly announces a price change and expects all other firms to follow suit.
1. FALSE
2. FALSE
3. FALSE
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A scalper reselling Super Bowl tickets is an example of money being used as:
a. a store of value. b. a unit of account. c. an illegal asset. d. a standard of deferred payment. e. a medium of exchange.
A predicted value of a dependent variable:
A. represents the difference between the expected value of the dependent variable and its actual value. B. is always equal to the actual value of the dependent variable. C. is independent of explanatory variables and can be estimated on the basis of the residual error term only. D. represents the expected value of the dependent variable given particular values for the explanatory variables.
Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
A. medium of exchange. B. unit of account. C. store of value. D. store of coincidence.
Suppose you withdraw $500 from your checking account deposit and bury it in a jar in your back yard. If the required reserve ratio is 10 percent, checking account deposits in the banking system as a whole could drop up to a maximum of
A) $0. B) $50. C) $500. D) $5,000.