The outcomes of different combinations of strategies by two players in a game are indicated in the
a. strategy box
b. payoff matrix
c. competition matrix
d. outcome dilemma
e. collusion matrix
B
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The Confederate government
(a) failed to increase its external debt and thus produced domestic inflation. (b) did not make the Confederate currency legal tender. (c) failed to raise sufficient resources because of unwillingness to increase the supply of paper money. (d) did none of the above.
The dominant strategy allows a firm to
A) obtain the highest benefit, regardless of its rivals' actions. B) transform a negative-sum game into a positive-sum game. C) transform a zero-sum game into a positive-sum game. D) escape from a Prisoners' Dilemma situation.
Marginal utility is defined as the
a. extra satisfaction the consumer receives from an extra $1 of income b. total satisfaction a consumer receives consuming goods c. difference between total satisfaction and the extra satisfaction a consumer receives consuming a good d. extra satisfaction a person derives from consuming an additional unit of a good e. ratio of the utility a good provides to the price of that good, i.e., MU = U/P
Greater economic efficiency and income equality can usually both be achieved in an economy simultaneously.
Answer the following statement true (T) or false (F)