Which of the following games will have a solution in mixed strategies?
a. A price-fixing game
b. A Prisoner's dilemma
c. A drafting game used by racing cars.
d. A product choice game with asymmetric profits
C
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To be considered unemployed, a worker must have had
A) no employment during the week before the survey and be actively looking for a job. B) part-time employment while actively looking for a full-time job. C) no employment during the week before the survey and be actively looking for a job while a student. D) no employment during the day before the survey and be actively looking for a job. E) Both answers A and B are correct.
An industrial union is a union
a. organized on the basis of the workers' industry b. organized on the basis of workers' skills c. organized by an employer d. whose primary goal is to oppose technological advance and to protect the traditional method of working e. consisting of all workers in an industrial economy
If $20 billion was spent on a program last year, and $21 billion would be required to maintain services at the same level, then a budgeted figure of $20.5 billion would represent
A. a cut using either current services or baseline budgeting. B. an increase using current services budgeting and a cut using baseline budgeting. C. an increase using either current services or baseline budgeting. D. an increase using baseline budgeting and a cut using current services budgeting.
An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the professor should take which steps?
A. Identify the problem, develop a model based on simplifying assumptions and test the model to formulate a conclusion. B. Gather data on crude oil prices and seemingly unrelated variables to look for associations, then formulate a hypothesis based on those unexpected associations. C. Ask people in Alaska why they are not purchasing oil. D. None of these. The oil industry is controlled by a cartel; therefore price changes in the industry cannot be explained using economic theories.