The Single European Act that came into effect in 1992 removed restrictions on people working in other member countries but retained restrictions on the flows of financial investments across the member countries.
Answer the following statement true (T) or false (F)
False
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When measuring GDP,
A) the government sector is not included because it is the public sector not the private sector. B) the government sector is counted, and the value of the government sector in GDP is equal to its tax revenue. C) only the federal government's expenditure on goods and services are included. D) the expenditure on goods and services by all levels of government are included. E) the government sector is not counted because it does not produce goods and services.
Entrepreneurs are people who:
A. create new economic enterprises. B. run businesses on a day-to-day basis. C. engage exclusively in business travel. D. entertain the workers.
The economy can operate
A) beyond its institutional PPF but not beyond its physical PPF. B) on both its institutional PPF and its physical PPF, but not at the same time. C) under its physical PPF but not under its institutional PPF. D) a and b E) a, b, and c
Consider the following innovation game: Firm A must decide whether or not to introduce a new product. Firm B must decide whether or not to clone firm A's product. If firm A introduces and B clones, then firm A earns $1 and B earns $10. If A introduces and B does not clone, then A earns $10 and B earns $2. If firm A does not introduce, both firms earn profits of 0. How many Nash equilibria are there for this game?
A. 2 B. 0, but there are secure strategies. C. 1 D. 0