All games share three characteristics. Two of these characteristics are rule and strategies. What is the third characteristic called?
A) payoffs B) competition C) collusion D) results
A
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Refer to the scenario above. Earthland's financial account would report a balance of ________ for the year
A) $4 billion B) -$10 billion C) -$6 billion D) $14 billion
In a typical year, about __________ of bank business loans in the United States are made by foreign-owned banks through their branches here
A) ten percent B) twenty percent C) one-third D) one-half
Economists regard events from the past as
a. irrelevant, since history is unlikely to repeat itself. b. of limited interest, since those events seldom provide any useful economic data. c. interesting but not particularly valuable, since those events cannot be used to evaluate present-day economic theories. d. interesting and valuable, since those events are capable of helping us to understand the past, the present, and the future.
According to the textbook, the owners of restaurants encourage tipping in order to:
A. avoid playing a dominated strategy. B. insure that their waiters earn enough money. C. sustain cooperation in a repeated prisoner's dilemma. D. solve a commitment problem with their wait staff.