Consider the accompanying payoff matrix.
The dominant strategy for Row Resorts is to ________ , and the dominant strategy for Column Cruises is to ________ .
A. offer reduced rates; keep rates high
B. keep rates high; offer reduced rates
C. keep rates high; keep rates high
D. offer reduced rates; offer reduced rates
Answer: D
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Actual unemployment can fall below the natural rate of unemployment due to
A) negative cyclical unemployment. B) structural unemployment. C) frictional unemployment. D) all of the above.
If the supply of lower-skilled workers exceeds the demand, then average wages in the lower quintiles of the income distribution will:
a. increase. b. decrease. c. require government supplementation. d. equalize.
Charles Murray would
A. provide government jobs for everyone who is ready, willing, and able to work. B. scrap the entire federal welfare and income-support structure for working-aged persons. C. introduce the negative income tax. D. do none of these things.
Ceteris paribus, an increase in the U.S. demand for Greek goods in Figure 36.1 will
A. Result in a movement from M to R on the supply curve for dollars. B. Result in a movement from M to N on the demand curve for dollars. C. Make U.S. goods more expensive to Greek residents. D. Increase the dollar price of euros above $2 = 1 euro.