Suppose a player can play 2 possible actions and has 5 possible decision nodes in a sequential game. Then he has 10 possible strategies he can play.
Answer the following statement true (T) or false (F)
False
Rationale: No, he has 32 possible strategies he can play.
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If a nation's production possibilities curve shifts outward, we should expect its long-run aggregate supply curve to
A) have an upward movement along the curve. B) have a downward movement along the curve. C) have a rightward shift. D) have a leftward shift.
Suppose your community is considering using public money to build a new sports stadium for the team that is already in the community and unlikely to ever leave. Suppose you are watching a news broadcast in which the supporters are saying that it will enhance economic activity because of the increase in restaurant activity that will occur around the new stadium. Now suppose you hear that an independent economist is going to appear during the next segment. It is likely she will say
A. there will be no new jobs created. B. there will be no new jobs created in net because there will be about the same number of restaurant jobs lost near the old stadium as gained near the new one. C. the jobs created in the area will make it worth the investment. D. it may be a short-term cost, but in the long term, it will be worthwhile.
The law of demand
A) is only an assumption that cannot be tested. B) only applies to necessities, not luxuries. C) is consistent with human behavior in the world. D) does not apply to scarce goods.
Wait unemployment and search unemployment are both types of:
A. cyclical unemployment. B. hidden unemployment. C. frictional unemployment. D. structural unemployment.