Which of the following can be used to predict the outcome of a game if there are no dominant strategies in the game?
A. Prisoner's dilemma
B. Secure strategy
C. First-mover advantage
D. Nash equilibrium
Answer: D
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Which of the following is most likely to be an inferior good?
A. rice B. designer coats C. ocean cruises D. steak
In one day, Sue can change the oil on 20 cars or change the tires on 20 cars. In one day, Fred can change the oil on 20 cars or change the tires on 10 cars
Sue's opportunity cost of changing oil is ________ than Fred's and her opportunity cost for changing tires is ________ than Fred's. A) greater; less B) less; greater C) less; less D) greater; greater
In the case of a short-run production function:
A) all of the inputs are variable. B) the amount of labor employed is held constant. C) at least one of the inputs is fixed. D) all of the inputs are fixed.
The Phillips curve tradeoff implies
A. that if the curve is stable, society must accept increases in inflation in exchange for decreases in unemployment. B. that if the curve is unstable, society must accept increases in inflation in exchange for decreases in unemployment. C. that if the curve is stable, society must accept increases in inflation in exchange for increases in unemployment. D. that if the curve is unstable, society must accept falling unemployment when inflation falls.