Decision trees can only be used to analyze sequential games
Indicate whether the statement is true or false
FALSE
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If the wage rate is ________ the value of marginal product, a firm can increase its profit by ________
A) greater than; selling an extra unit of output B) less than; selling one less unit of output C) less than; hiring an extra worker D) less than; hiring one less worker
Refer to the above figure. Suppose E is the original equilibrium. An increase in the demand for dollars will be reflected in this figure by
A) an increase in the demand for yen as both imports and exports increase. B) a decrease in the demand for yen as the U.S. balance of payments improves. C) an increase in the supply of yen as Japan tries to buy more U.S. goods. D) a decrease in the supply of yen as Japan is able to pay less for U.S. goods.
At an interest rate of 6 percent, if an investment project was expected to yield $1,000 per year (to be received at year end) for each of the next three years, profit-maximizing decision makers would undertake the project only as long as the cost remained less than
a. $1,000. b. $2,577. c. $2,673. d. $3,000.
An example of fiscal policy occurs when the government makes Social Security payments.
Answer the following statement true (T) or false (F)