In a Nash equilibrium, each player takes the best possible action given the actions of the other players
Indicate whether the statement is true or false
TRUE
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A Lorenz curve measures
A) the benefits received through welfare programs. B) the actual income distribution and compares it to an equal income distribution. C) the degree to which income taxes are regressive. D) the effect of flat taxes on income distribution.
What are the three motives for holding money?
A) the medium of exchange motive, the store of value motive, and the unit of account motive B) the transaction motive, the speculative motive, and the liquidity motive C) the transaction motive, the investment motive, and the liquidity motive D) the transaction motive, the speculative motive, and the precautionary motive
If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year.
A. 300; 450 B. 300; 200 C. 200; 450 D. 450; 200
A fractional reserve banking system:
A. is susceptible to bank "panics" or "runs." B. prevents money creation through the lending process. C. only tends to exist in developing economies. D. prevents the Federal Reserve from influencing the money supply.