A dominant strategy is a strategy that is best for a player in a game regardless of the strategies chosen by the other players
a. True
b. False
Indicate whether the statement is true or false
True
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What do you think would be the Cobb-Douglas single best prescription for poor countries to catch up with the rich?
A) to increase their stock of capital B) to increase their labor force C) to find more efficient ways to allocate and use capital and labor D) to ask help of the rich countries E) none of the above
Which of the following would most likely be highly price-elastic?
a. The demand for milk by a household b. The demand for insulin by a diabetes patient c. The demand for water d. The demand for new houses e. The demand for coal over a period of one month
Price ________ measures the responsiveness of the quantity of a good demanded or supplied to a change in its price.
a. setting b. elasticity c. locking d. consistency
What is the marginal propensity to consume, and why is it always less than one?
What will be an ideal response?