Repetition of a game
A) yields the same outcome, over and over.
B) can result in behavior that is different from what it would be if the game were played only once.
C) is not possible.
D) makes cooperative games into non-cooperative games.
E) is possible only if the payoffs in the matrix change.
B
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Human capital refers to the
A. number of workers available in the economy. B. tools and equipment available to workers. C. education, training, and skills of workers. D. amount of financing available to start-up firms.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The voting members of the Federal Open Market Committee consists of the
A) seven Board of Governor members and the 12 Federal Reserve Bank presidents. B) seven Board of Governor members and five Federal Reserve Bank presidents. C) 12 Board of Governor members and the seven Federal Reserve Bank presidents. D) 12 Board of Governor members and the five Federal Reserve Bank presidents. E) six Board of Governor members and six Federal Reserve Bank presidents.
When income levels in the rest of the world increase, what is the effect on the home TB?
a. It decreases because of expenditure switching. b. It decreases because of an increase in imports. c. It increases because of an increase in exports. d. It increases because of expenditure switching.