What is the difference between a pure strategy and a mixed strategy?
What will be an ideal response?
A pure strategy in a game involves choosing a single action for a situation. A mixed strategy involves choosing between different actions randomly.
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Use the figure below to answer the following question.
At equilibrium, consumer surplus is
A. 400. B. 200. C. 150. D. 300.
Due to a recession in the US, the average rate of return on investments is likely to fall causing the US dollar to
a. Appreciate b. Depreciate c. Not change in value d. None of the above
If expected inflation were 3%, and the real interest rate was 6%, what sector would be worse off if the actual inflation rate turned out to be 5%
a. Businesses. b. Laborers. c. Both. d. None.
Most economists think that, in the short run, there is
A. a trade-off between inflation and unemployment, but not in the long run. B. no trade-off between inflation and unemployment, nor is there one in the long run. C. a trade-off between inflation and unemployment, and in the long run also. D. no trade-off between inflation and unemployment, but there is one in the long run also.