In the beauty contest where players predict the outcome of players choosing a number between 0 and 100
A) the Nash equilibrium is 0.
B) your prediction should be based on what you think the winning number will be.
C) the Nash equilibrium is 33.
D) there is no Nash equilibrium because people are not rational.
A
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In the figure above, U.S. producers' ________ from the tariff is ________
A) loss; $32 million B) loss; $64 million C) gain; $80 million D) gain; $128 million
If aggregate demand just increased, which of the following may have caused the increase?
A) an increase in the interest rate B) an increase in imports C) an increase in government purchases D) an increase in the price level
Which of the following goods has a low, but positive, income elasticity of demand?
A) furniture. B) new cars. C) health insurance. D) all of the above E) none of the above
Income mobility is:
A. how much income is stored in offshore banks. B. the ability to improve one's economic circumstances over time. C. how likely the income associated with each job in the country will change in relative terms. D. how likely the income associated with each job in the country will increase over time.