If a country is in a strong upward phase of the business cycle, one can expect that its currency will
a. revalue.
b. devalue.
c. appreciate.
d. depreciate.
d
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Consumer surplus exists when
A) it costs less to produce goods than buyers must pay for them. B) consumers value the good more highly than what they must pay to buy it. C) taxes on goods are less than the appropriate amount. D) the marginal benefit of the good is always equal to or less than the price of the good. E) the price of the good is greater than the marginal cost of producing a unit of the good.
Prisoner's dilemma games imply that cooperative behavior between two people or two firms always breaks down. But reality teaches us that people and firms often cooperate successfully to achieve their goals
Why do the results from prisoner's dilemma games fail to predict real-world results? A) Prisoner's dilemma games do not permit people or firms from reneging on agreements, which often occurs in real-word situations. B) Most real-world situations involve more than two people or firms; the prisoner's dilemma is only applicable to situations that involve two parties. C) The prisoner's dilemma does not apply to most business situations that are repeated over and over. D) Prisoner's dilemma games predict the behavior of people and firms that engage in illegal activity; most people and firms do not resort to illegal activity.
In the Cambridge version of the Quantity Theory of Money, the amount of real money balances __________ after an increase in the nominal money supply
A) increases B) decreases C) is unchanged D) Cannot be determined from the information given.
A Nash equilibrium is
A. the same as a dominant strategy. B. is the outcome where a player has selected her best strategy, given the choices of the other players. C. occurs in a game when a cartel solution is reached. D. occurs when one player can change her strategy and be better off.