A dominant strategy is one that gives a player in a game a bigger payoff than the other player receives
a. True
b. False
Indicate whether the statement is true or false
False
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Inflation is a general and ongoing:
a. rise in the level of prices in an entire economy over time. b. lowering in the level of prices in an entire economy over time. c. rise in relative prices in an entire economy over time. d. lowering in relative prices in an entire economy over time.
In the real economy, income taxes are generally proportional or progressive
What will be an ideal response?
Suppose a country increases government purchases by $700 billion. Suppose the government spending multiplier is 2 and the economy's real GDP is $6,000 billion. This policy action shifts the aggregate demand curve to the right by
A) $12,000 billion. B) $3,000 billion. C) $1,400 billion. D) $350 billion.
If one country can produce a good with fewer resources than another country, this is called:
A. specialization. B. geographic advantage. C. comparative advantage. D. absolute advantage.