Which of the following economic activities is ignored in GDP accounts?
What will be an ideal response?
The market value of illegal drugs.
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A self-enforcing agreement:
A. describes an agreement in which every party involved has an incentive to abide by it, assuming that others do the same. B. requires a contract. C. describes the strategy that makes up a Nash equilibrium. D. describes the strategy that makes up a Nash equilibrium and describes an agreement in which every party involved has an incentive to abide by it, assuming that others do the same.
Which of the following equations would indicate income elasticity of demand?
a. +20% × +10% = +200 b. +20% + +10% = +30 c. +20% ¸ +10% = +2 d. +20% – +10% = +10
ISI policies increased competition and lowered prices in most economies
Indicate whether the statement is true or false
What is true about threats in the game in Scenario 13.15?
A) Simple can change the equilibrium by means of a credible threat; Boring cannot. B) Boring can change the equilibrium by means of a credible threat; Simple cannot. C) Boring can change the equilibrium by means of a credible threat only if it can move before Simple. D) Simple can change the equilibrium by means of a credible threat only if it can move before Boring. E) Neither firm has a credible threat with which to change this equilibrium.