The game rock-paper-scissors has
A) a mixed strategy equilibrium.
B) a dominant strategy equilibrium.
C) no equilibrium.
D) a pure strategy equilibrium.
A
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At a short-run equilibrium output equals ________, while at a long-run equilibrium output equals ________.
A. aggregate demand; the monetary policy reaction function B. an output level consistent with the inflation rate; potential output C. the monetary policy reaction function; aggregate demand D. potential output; an output level consistent with the inflation rate
The relationship between the labor employed by a firm and the real wage rate is shown by the
A) supply of labor curve. B) supply of jobs curve. C) demand for jobs curve. D) demand for labor curve.
Households will choose to save more if
A) income is expected to decrease in the future. B) current disposable income increases. C) Both answers A and B are correct. D) Neither answer A nor B is correct.
Vince says that the present value of $500 to be received one year from today if the interest rate is 8 percent is more than the present value of $500 to be received two years from today if the interest rate is 4 percent. Terri says that $500 saved for two years at an interest rate of 3 percent has a larger future value than $500 saved for one years at an interest rate of 6 percent
a. Both Vince and Terri are correct. b. Only Vince is correct. c. Only Terri is correct. d. Neither Vince nor Terri is correct.