In a two-player simultaneous game where neither player has a dominant strategy,
A) there is never a Nash equilibrium.
B) there is only one Nash equilibrium.
C) the actual outcome is unpredictable.
D) the actual outcome will not be a Nash equilibrium.
C
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Demand relates the amounts of a good purchased to
A) the amounts actually obtained. B) the gross domestic product. C) the quantity needed. D) the sacrifices required to obtain the good. E) the time required to produce the good.
The sale of Treasury securities by the Federal Reserve will, in general,
A) decrease the quantity of reserves held by banks. B) not change the money supply. C) not change the quantity of reserves held by banks. D) increase the quantity of reserves held by banks.
A perfectly inelastic supply curve
a. cannot exist b. is horizontal c. has an elasticity of 0 d. has an elasticity of 1 e. is vertical
In the short-run macro model, cyclical unemployment is caused by insufficient spending
a. True b. False