The players in a game theory situation often do not act in their joint interest because of which of the following?
A) They do not realize the benefit of cooperation.
B) Players strive to minimize their opponents' profits.
C) Players do not understand the game and its payoffs.
D) It is not in each player's self-interest to cooperate.
E) Players understand the game but they do not know which action(s) will benefit their joint interest.
D
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Positive economics is a method of inquiry that attempts to explain the observable, and is limited to verifiable statements, while normative economics suggests a course of action that we should take based on a particular set of values and preferences
a. True b. False Indicate whether the statement is true or false
Maria goes shopping for wedding shoes and is willing to pay $50 . She pays only $20 because the shoes she wants are on sale. Does she gets a consumer surplus? If so, how much?
a. yes, $50 b. yes, $20 c. yes, $70 d. yes, $30 e. no, there is no consumer surplus because the price was a sale price
Economic models are:
A) created and used in order to duplicate virtually every aspect of the real world. B) useless if they are simple. C) made generally of wood, plastic, and/or metal. D) built using assumptions.
Over time, the general movement in the United States has been toward
A. complete elimination of tariffs, import quotas, and export subsidies. B. higher tariffs and stricter import quotas. C. managed trade. D. relatively more free trade.