Refer to the scenario above. Which of the following is a winning strategy for this game?
A) A strategy to always show a rock
B) A strategy to always show a paper
C) A strategy to always show scissors
D) A random mix of all the three symbols
D
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Use a figure to explain how a balance of payments crisis and its hand in capital flight
What will be an ideal response?
The fact that a higher standard of living tomorrow can only be achieved by sacrificing consumption today is an example of the:
A. principle of increasing opportunity costs. B. scarcity principle. C. equilibrium principle. D. principle of comparative advantage.
Paul Romer's theory on the importance of knowledge differs from traditional theory in that Romer
A. argues, that an investment-knowledge cycle exists which requires that investment rates keep increasing or else growth rates will fall, while traditional theory argues that growth rates will not fall, although they will not increase either. B. emphasizes investment rates while traditional theory emphasizes the importance of knowledge as a factor of production. C. argues, that investment is not important in promoting growth, but that the acquisition of knowledge is the sole determinant of economic growth. D. argues that an investment-knowledge cycle allows a once-and-for-all increase in investment to permanently raise a country's growth rate, while traditional theory argues that a once-and-for-all increase in investment leads to a higher standard of living but not to a higher growth rate.
The number of years required for real GDP to double can be found by:
A. dividing the annual growth rate by .07. B. multiplying the annual growth rate by 70. C. dividing 70 by the annual growth rate. D. adding 14 to annual growth rate.