A game in which any gains by the group are exactly offset by equal losses by the end of the game is called the
A) negative-sum game.
B) zero-sum game.
C) positive-sum game.
D) cooperative game.
Answer: B
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When a nation exports a good, its consumer surplus ________, and its producer surplus ________
A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases E) does not change; increases
In the long run, firms in a competitive market make zero economic profit. This induces most firms to leave the industry
Indicate whether the statement is true or false
Why did the U.S. temporarily operate outside the production possibilities frontier in 1942, 1943, and 1944?
A. The Civil War B. World War I C. The Great Depression D. World War II
The U.S. Treasury estimates that the fraction of U.S. currency held outside the United States is:
A. about half. B. between one-half and two-thirds. C. less than 10%. D. about one-fourth.