Game theory, which is used in studying oligopoly behavior, originated from the study of games such as the following, except:
A. Poker
B. Solitaire
C. Chess
D. Bridge
B. Solitaire
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We are told that over the past year actual real GDP has risen by three percent. This fact alone is enough to tell us that
A) the unemployment rate has fallen. B) the inflation rate has risen. C) the actual real GDP is above natural real GDP. D) productivity has grown. E) none of the above.
Assuming that the central bank is following a money stock targeted, an exogenous rise in investment demand
a. causes income to rise but the money stock has to be increased to accommodate the expansion. b. has to be accommodated with open market purchases to expand the money stock. c. increases income, money demand, and lowers the interest rate. d. increases income and money demand and lowers the interest rate. e. none of the above.
The government can help solve the information asymmetry problem by:
A. providing the missing information to the less-informed party. B. finding ways to make the same amount of information known to both parties. C. requiring the more informed party to reveal the missing information. D. All of these statements are true.
A major criticism of static tax analysis is that it
A) uses only ad valorem taxes. B) does not use ad valorem taxes. C) ignores the incentive effects created by higher tax rates. D) assumes that the tax base will not increase.