In game theory, strategies include ________
A) all possible actions of each player
B) only the winning action of each player
C) all possible actions and payoffs of each player
D) the payoff matrix
A
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Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?
A) 1/2 of a ton of pineapples B) 1 1/3 tons of pineapples C) 2 tons of pineapples D) 90 tons of pineapples
The objective of rent controls is to
A. encourage the construction of new rental units. B. ensure an adequate supply of rental housing for the poor. C. keep rents below levels that would be observed in a freely competitive market. D. raise revenue for the local government.
Under the Food, Conservation, and Energy Act of 2008, if the target price for a bushel of corn is $2.63 and the price of corn falls to $2.25, then a farmer will receive:
A. A marketing loan B. A transition payment C. An acreage allotment D. A countercyclical payment
In the Great Depression, the financial sector collapsed, as
A) banks engaged in ruinous competition. B) the stock market boomed, so people withdrew most of their funds from banks and invested heavily in stocks. C) the bond market boomed, so people withdrew most of their funds from banks and invested heavily in bonds. D) many banks closed.