In an extensive-form game, payoff to a player is usually higher if ________
A) he follows a pure strategy
B) he follows a mixed strategy
C) he is the first mover
D) he is the second mover
C
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If people increase their expected rate of interest, the speculative demand for money curve will _____ and money supply will _____
a. shift downward, remain unchanged. b. shift upward; remain unchanged. c. not be affected; shifts upward. d. not be affected; not be affected.
For a two-part tariff imposed on two consumers, the entry fee is based on the:
A) consumer surplus of the customer with lower willingness-to-pay. B) consumer surplus of the customer with higher willingness-to-pay. C) simple average of the consumer surplus for the two buyers. D) none of the above
The direct effect of expansionary monetary policy is to:
A. reduce U.S. imports but increase the value of the dollar. B. increase both U.S. imports and the value of the dollar. C. reduce both U.S. imports and the value of the dollar. D. increase U.S. imports but reduce the value of the dollar.
Normative economic statements
A) are statements of "what ought to be." B) are statements of "what is." C) are statements that may be tested by referring to facts and data. D) do not involve value judgments.