Differentiate between an extensive-form game and a simultaneous-move game
What will be an ideal response?
An extensive-form game is a representation of a strategic situation in terms of a game tree that specifies the order of play and payoffs that will result from different strategies, while a simultaneous-move game is one in which each player chooses his or her action at the same time.
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The fact that articles of clothing sold in Walmart are produced by very poorly paid workers in Honduras, is a fact that if taken into account
A) would prove to economists that the Ricardian model of comparative advantage is false. B) would prove to economists that the equal-value in trade concept summed up in the trade triangles is incorrect. C) proves to economists that trade is a negative sum game. D) proves to the Anti-Globalization Movement that trade is a negative sum game. E) proves that corporations are exempt from labor standards.
To decrease buyer power, the firm can
a. Differentiate its product b. Decrease dependency on a single buyer c. Sell its products in locations with multiple buyers d. All of the above
Countries are divided into groups based on income. What income group is most common?
a. middle income ($1,025-$12,475 GDP/capita) b. low income (less than $1,025 GDP/capita). c. high income (greater than $12,475 GDP/capita). d. high and low income groups have the same number.
The long-run aggregate supply curve, according to the classical model,
A. is vertical at full employment GDP. B. slopes gently upward. C. is horizontal at the equilibrium price level. D. may be downward sloping.