To economists, games are:
A. situations in which individuals act against their own interest for fun.
B. any situation in which players pursue strategies designed to achieve their goals.
C. just recreational pursuits like chess, Monopoly, or poker.
D. None of these statements are true.
Answer: B
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The labor supply could decrease when wages increase only if the:
A. price effect outweighs the income effect. B. income effect outweighs the price effect. C. substitution effect outweighs the income effect. D. price effect outweighs the substitution effect.
Under a system of transferable pollution rights, which of the following firms is most likely to purchase a $500 permit to emit a ton of pollutants in to the atmosphere?
a. a non-polluting firm b. a polluting firm that can reduce emissions at a cost of $500 per ton c. a polluting firm that can reduce emissions at a cost of $200 per ton d. a polluting firm that can reduce emissions at a cost of $600 per ton
Which of the following most clearly illustrates the concept of "derived demand"?
a. An increase in the price of steak causes the demand for poultry to increase. b. An increase in the demand for new houses leads to an increase in the demand for construction workers. c. An increase in consumer income leads to an increase in the demand for services provided by the government. d. An increase in the demand for new cars causes the demand for used automobiles to rise.
Which of these statements about economic models is correct?
a. For economists, economic models provide insights about the world. b. Economic models are built with assumptions. c. Economic models are often composed of equations and diagrams. d. All of the above are correct.