Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. If Bob confesses, what is the best strategy for Harry?
A) Confess.
B) Don't confess.
C) Flip a coin to decide what to do.
D) There is no best strategy.
A
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The Bureau of Labor Statistics periodically updates the base year in the CPI because
a. nominal GDP changes over time b. of changes in the importance of goods in the consumer basket c. real GDP changes over time d. the GDP deflator is periodically updated e. prices change over time
Which of the following explains why higher prices in the goods and services market will lead to an upward sloping short-run aggregate supply curve?
a. The higher prices will temporarily improve profit margins because many of the cost components of firms will be fixed in the short run. b. The higher prices will reduce the purchasing power of the fixed quantity of money and, thereby, stimulate additional output. c. The higher prices will expand the economy's resource base and, thereby, stimulate additional output. d. The higher prices will improve technology and, thereby, stimulate additional output.
The United States is a mixed economy because there is a ______________________ sector and a _______________ sector.
Fill in the blank(s) with the appropriate word(s).
Suppose that lenders believe that the government will provide assistance if too many of the lenders' borrowers do not pay back their loans. If lenders expect government assistance they will:
A. make more loans to borrowers who are less likely to repay them. B. make fewer loans to borrowers who are less likely to repay them. C. increase the interest rates that they charge borrowers who are less likely to repay loans. D. not change their lending policies because this expectation is not reasonable.