A display of a game in a tree diagram with nodes for every move by the players is a(n)
A. part of strategic moves.
B. representation of Prisoner's Dilemma.
C. extensive-form game.
D. simultaneous-move game.
Answer: C
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Economists assume that business firms attempt to maximize their profits.
Answer the following statement true (T) or false (F)
During 2013, the country of Economia had a real GDP of $115 billion and the population was 0.9 billion. In 2012, real GDP was 105 billion and the population was 0.85 billion. Economia's growth rate of real GDP per person is
A) 3.23 percent. B) 5 percent. C) 5.88 percent. D) 9.52 percent.
Marginal cost is the
A. change in total cost resulting from the purchase of one more unit of the variable input. B. change in total cost resulting from the production of one more unit of output. C. difference between total fixed cost and total variable cost. D. difference between total cost and total expenditure.
Technology grows at a rate of three percent in an economy in which ten percent of the workforce is engaged in research and development, where their productivity is 0.003
The economy is on a balanced growth path, and the workforce is growing at two percent. Calculate the growth rates of output, capital, and output per worker now, and five years from now.