Which of the following is a correct statement about a Nash equilibrium in a two-player game?
A. A Nash equilibrium is always unique in real-world problems.
B. The joint payoffs of the two players are highest compared to other strategy pairs.
C. Given another player's strategy, no player can improve her welfare by unilaterally changing her strategy.
D. All of the statements associated with this question are correct.
Answer: C
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If price discrimination enables sellers to increase net revenues, why don't all sellers try it? Because
A) some sellers can't manipulate their price. B) some sellers can't control resentment. C) some sellers can't prevent low-price buyers reselling to high-price buyers. D) of all the above reasons.
If Taco Bell decides to produce more tacos and fewer burritos, Taco Bell is answering the ________ part of one of the two big economic questions
A) "what" B) "why" C) "when" D) "scarcity"
If an educational voucher system were adopted where parents could spend their share of education tax dollars at any school of their choice, then we could expect families to
A. make no changes in their education choices because the relative price of private and public education has not changed. B. make choices that cannot be predicted by economic theory. C. choose less education than before because the public schools would get better. D. choose more education because they do not need to pay double for private education.
Which of the following programs that expanded the government's role in the economy was enacted by a Republican president?
A. The Occupational Safety and Health Administration (OSHA) B. The interstate highway program C. The Environmental Protection Agency (EPA) D. All of these were enacted by Republican presidents.