The maximin criterion can be defined as which of the following?
A. One seeks the maximum of the minimum payoffs to the various available strategies.
B. One seeks the minimum of the maximum losses among the various available strategies.
C. One seeks the maximum of the minimum losses to the various available strategies.
D. One seeks the maximum of the maximum gains of the various available strategies.
Answer: A
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The idea that less government regulation will lower the cost of production, increase profit, and raise the level of production so that, in the end, real GDP will increase is held by the
a. classical school b. Keynesian school c. rational expectations school d. school of supply-side economics e. neo-Keynesian school
All other things being equal, a greater supply of scientists and engineers will increase the level of technology
a. True b. False Indicate whether the statement is true or false
The U.S. tax burden is
a. about the same as most European countries. b. higher than most European countries. c. lower than most European countries. d. higher than all European countries.
If the Federal Reserve sets a target nominal interest rate, it can:
A. only set a money supply target that is consistent with the nominal interest rate target. B. shift the money demand curve to the right. C. achieve this target with any arbitrary supply of money. D. independently set a target money supply.