Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $60, the game is a
A) negative-sum game.
B) zero-sum game.
C) positive-sum game.
D) cooperative game.
A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The justification for occupational licensing laws is that they protect the public from incompetent practitioners (for example, lawyers and medical doctors), but the laws also result in
A) ownership of a key input. B) higher prices and restrictions on the number of people who can enter the professions affected by the laws. C) an increase in the amount of output required to achieve minimum efficient scale. D) economies of scale.
The term prisoners' dilemma refers to a game in which
A) there are no Nash equilibria. B) there are no dominant strategies. C) the payoff from both players playing their dominant strategies is the same for each player. D) the payoff from both players playing their dominant strategies is not the highest payoff possible.
For a major country with extensive capital flows, what is the effect of a decrease in interest rates?
a. a currency depreciation and increased net exports b. a currency depreciation and reduced net exports c. a currency appreciation and increased net exports d. a currency appreciation and reduced net exports