A payoff matrix shows
A. The payoffs of one firm always choosing to price low.
B. What companies will do no matter what the other firm does.
C. The losses from strategic decisions of two countries.
D. The risks and rewards of alternative decision options.
Answer: D
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Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia gain compared to the "without trade" numbers?
A) 25 B) 75 C) 100 D) 125
In a market economy, who or what determines who produces each good and how much is produced?
a. the government b. lawyers c. lotteries d. prices
Assume that the Fed performs a foreign exchange intervention in which it does nothing except buy German government bonds. One result of this will be that:
A. both the dollar and the euro depreciate. B. the dollar appreciates and the euro depreciates. C. the euro depreciates. D. the dollar depreciates.
In the U.S. economy, sole proprietorships account for over half the firms, but corporations account for over half of total sales revenue.
Answer the following statement true (T) or false (F)