First-mover advantage is:
A. more important to those who have less to bargain with.
B. more important in a repeated sequential game than in a one-round sequential game.
C. more important in a repeated game than in a sequential game.
D. more important in an ultimatum game than in a repeated game.
Answer: D
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Using Figure 6-2, calculate the price elasticity of demand (dropping all minus signs) between P = 4 and P = 6.
A. 3.0 B. 0.33 C. 0.40 D. 1.25
Pension plans in which employer contributions are set by the plan and benefits depend on the performance of the assets in the plan is called a
A) defined benefit plan. B) defined contribution plan. C) a fully vested plan. D) an unfunded plan.
An individual consumes only two goods, X and Y. Which of the following expressions represents the utility maximizing market basket?
A) MRSxy is at a maximum. B) Px/Py = money income. C) MRSxy = money income. D) MRSxy = Px/Py. E) all of the above
Table 5.2National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$2,850Exports$300Government purchases of goods and services$810Social Security taxes$295Net investment$510Indirect business taxes$445Imports$450Gross investment$700Corporate income taxes$190Personal income taxes$875Corporate retained earnings$210Net foreign factor income$0Government transfer payments to households$780Net interest payments to households$20On the basis of Table 5.2, depreciation is
A. $190 billion. B. $425 billion. C. $125 billion. D. -$125 billion.