The difference between a Nash equilibrium strategy and a dominant strategy is:
a. nothing; they are synonymous.
b. the former is stable but the latter is unstable.
c. the former must be a best response to all others' strategy profiles, whereas the latter need only be a best response to others' Nash equilibrium strategies.
d. the former need only be a best response to others' Nash equilibrium strategies, whereas the latter must be a best response to all others' strategy profiles.
b
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Which of the following is true?
a. Uncertainty accompanies investment decisions. b. At any given time, there are a virtually infinite number of potential investment projects that might be undertaken by investors. c. In order to be successful, entrepreneurs must be good at recognizing and undertaking economically beneficial projects. d. All of the above are correct.
A system in which anyone collecting antipoverty program benefits must accept a government-provided job is called
Did the United States ratify the Kyoto Protocol? Why or why not?
a. Yes; but it has failed to meet targets for a number of years. b. No; the United States had promised to sign on January 1, 2008, but never did. c. Yes; and it has met its target each year. d. No; he United States believed the targets were impossible to meet without great harm to the industrial base.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.