When people use a recognition heuristic, they often get answers right because the correct answer is usually the one they are familiar with while the incorrect answer is the one which is unfamiliar to them
Indicate whether the statement is true or false
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
Game theory is a method of analyzing the strategic interaction that occurs between small numbers of
A) people. B) firms. C) countries. D) All of the above are correct.
Suppose Renee can increase her total utility from consuming video rentals and books by buying one more book and renting one fewer video. Which of the following is true?
A) The marginal utility of video rentals is negative. B) The marginal utility of the last book consumed exceeds the marginal utility of the last video rental consumed. C) The marginal utility of the last video rental consumed exceeds the marginal utility of the last book consumed. D) The marginal utility per dollar spent on books exceeds that of video rentals.
In the intermediate range of the aggregate supply curve, if government spending increases caused the aggregate demand curve to shift outwards, which of the following ismostlikely to occur?
a. The price level and real GDP will both rise. b. The price level will not change, but real GDP will increase. c. The price level will rise, but real GDP will not change. d. Both the price level and real GDP will not change.