Your economics professor has decided that your class will not be graded on a curve but on an absolute scale. Therefore, it is possible for every student in the class to get an "A
" Your grade will not depend in any way on your classmates' performance. Based on this information, you decide that you should study economics three hours each day, regardless of what your classmates do. In the language of game theory, your decision to study three hours each day is: A) a dominant strategy.
B) a minimax strategy.
C) a maximin strategy.
D) a Prisoner's dilemma.
A
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Prior to international trade, the price of good X is lower in country A than in country B. This means that we know that
A) country B has an absolute advantage in the production of product X. B) country B has a comparative advantage in the production of product X. C) country A has an absolute advantage in the production of product X. D) country A has a comparative advantage in the production of product X.
Refer to Table 19-13. Real GDP for Vicuna for 2013 using 2015 as the base year equals
A) $4,620. B) $5,100. C) $5,650. D) $5,850.
A price elasticity of demand of 5 means that for every 1 percent change in price, the quantity demanded will change in the opposite direction by 5 percent
a. True b. False Indicate whether the statement is true or false
The accompanying graph depicts demand.
The price elasticity of demand at point B is:
A. 3. B. 3/4. C. 4/3. D. 1/3.