Refer to Scenario 9.1. The Nash equilibrium occurs when Sheb places ________ sheep on the commons and Monty places ________ sheep on the commons
A) 4; 4
B) 4; 5
C) 5; 4
D) 5; 5
D
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The structural unemployment rate is 2.3 percent, the frictional unemployment rate is 2.4 percent, and the economy's current unemployment rate is 4.1 percent. The economy is in
A) a recessionary gap producing less than Natural Real GDP. B) an inflationary gap producing more than Natural Real GDP. C) long-run equilibrium. D) an inflationary gap producing Natural Real GDP. E) a recessionary gap producing more than Natural Real GDP.
Let MC be the marginal private cost per megawatt hour (Mwh) of producing electricity using coal. Let MSC be the marginal social cost per Mwh and T be the tax per Mwh. To achieve efficiency, the tax should be set so that
A) MC = MSC + T. B) MSC = MC + T. C) MC + MSC = T D) MC = T.
In the short run, the impact of a $50 billion tax package on GDP will be
a. greater than $50 billion because of the multiplier effect b. less than $50 billion because of the tax code c. greater than $50 billion because of the tax code d. exactly $50 billion e. greater than $50 billion because of crowding out
Which of the following is a determinant of productivity?
a. human capital per worker b. physical capital per worker c. natural resources per worker d. All of the above are correct.