A positive-sum game occurs:
A. when the sum of the two firms' outcomes is positive.
B. whenever any of the values in the payoff matrix are positive.
C. when the gains received by one player are exactly offset by the losses to the other.
D. whenever the payoffs to the two players are equal.
Answer: A
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Which of the following is an example of a worker experiencing frictional unemployment?
A) A computer programmer loses her job because it is outsourced to India. B) An employee is laid off because the economy is suffering a recession. C) A worker quits his job at the Post Office to find more interesting work. D) A United Airlines pilot loses her job because of lack of demand for air travel.
The level of Social Security benefits is adjusted each year based on the ________________ Price Index.
a. Consumer b. Production c. Personal d. Purchasing
All of the following are examples of changes in U.S. assets abroad except
a. Disney opens a new theme park in Brazil b. a U.S. citizen buys stock in a British car company c. a Japanese investor buys U.S. government bonds d. McDonald's closes an unsuccessful restaurant in Russia e. Exxon builds an oil refinery in Mexico
The table above gives the total cost information for a perfectly competitive firm. What is the profit-maximizing quantity of output?
a. 4 b. 6 c. 3 d. 5