Chess is an example of a
A) game with perfect information.
B) game with imperfect information.
C) game with incomplete information.
D) static game.
A
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A notion that supports the idea that some items should be distributed equally to all is known as
A. Pareto efficiency. B. the Hoover Principle. C. poverty gap closing. D. commodity egalitarianism.
The income elasticity of demand _____
a. must be negative because of the law of diminishing marginal utility b. could be positive, negative or zero, depending on the nature of the good c. must be positive for all goods because consumers tend to buy more at higher incomes d. is usually zero because "you can only have so much" e. can never be zero
What do economists call the practice of hiring workers who may not be necessary?
a. ghost shifting b. featherbedding c. blank contracting d. overstocking
A political problem with discretionary fiscal policy is the
A. big-state bias. B. contractionary bias. C. overreaction bias. D. expansionary bias.