If a strategic move is credible, it is likely to
A. change the actions of rivals.
B. result in repeated, sequential interactions.
C. be the dominant strategy of all the players in the game.
D. result in self-enforcing outcomes.
Answer: A
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Net exports equal:
A. exports plus imports. B. exports minus depreciation. C. the value added of exports. D. exports minus imports.
In the figure above, governments
A) collect taxes. B) coordinate economic activities of households and firms. C) hire factors of production. D) own factors of production. E) sell goods and services to household.
Because the productivity of labor decreases as the quantity of labor employed increases
A) the quantity of labor a firm demands increases as the real wage rate decreases. B) the quantity of labor a firm demands increases as the money wage rate decreases. C) the labor demand curve shifts right as the real wage rate decreases. D) the aggregate production function shifts upward as the real wage rate decreases.
A single firm in a contestable market is limited in the amount of economic profit it can earn because there
A) are barriers to entry. B) are no barriers to entry. C) is collusion. D) are government regulations limiting its profit.