A dominant strategy is one that:
A. maximizes profits.
B. is optimal under some conditions.
C. never yields a negative payoff.
D. is the best choice under all conditions.
Answer: D
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The difference between the salaries paid to movie stars and to actors who play supporting roles is much greater today than it was in the 1930s and 1940s. What factor explains this increase in relative salaries over time?
A) There was no actors' union in the 1930s and 1940s. The rise of strong actors' unions has caused salaries of movies stars to be greater today than in previous years. B) Technological advances in the entertainment industry increase the revenue that successful movies can earn. This has increased the movie studios' willingness to pay high salaries to movie stars. C) The studio system that dominated the industry in the 1930s and 1940s no longer exists. The studio system allowed movie studios to sign actors to long-term contracts that kept salaries down. D) Agents of movies stars are effective in obtaining large salaries for their clients today. Few movie stars had agents to negotiate for them in the 1930s and 1940s.
The Phillips curve is built on the assumption that business fluctuations are
a. from the demand side. b. from the supply side. c. from both the demand and supply side. d. purely random events.
In the market for pollution permits, the total supply of permits is:
A. perfectly inelastic. B. perfectly elastic. C. determined by the Chicago Board of Trade. D. always equal to the demand for permits.
Measured wealth is a less accurate indicator of economic inequality than is measured income because measured wealth excludes
A) owner-occupied housing. B) financial assets. C) depreciation. D) human capital.