A player chooses a maximin strategy to ________ gain the player can earn.
A. maximize the maximum
B. minimize the maximum
C. maximize the minimum
D. minimize the minimum
Answer: C
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The principle that irrelevant detail should not be included in a model is known as
A. Ockham's razor. B. normative economics. C. ceteris paribus. D. a fallacy.
Generalized growth is typically the result of an increase in the ability of resources to
A. produce all goods. B. produce exported goods. C. produce certain goods. D. compete with imported goods.
If the government wants to encourage spending on research and development, it should
a. reduce patent protection so many individuals can use new products in their own research b. shorten the number of years during which a developer has exclusive patent rights to market an invention c. increase the number of years during which an inventor has exclusive patent rights to market an invention d. raise tax rates on corporate profits to raise money for the research e. encourage firms and households to spend money instead of saving it
The supply of bonds curve slopes upwards because
A) at higher prices, bonds pay higher interest which makes them more attractive to suppliers. B) lower prices raises the cost of borrowing which makes them less attractive to suppliers. C) at lower prices, bonds pay higher interest which makes them more attractive to suppliers. D) higher prices raise the cost of borrowing which makes them less attractive to suppliers.