Which of the statements below best captures the meaning of competition as discussed in Chapter 5?
A) Competition is a process; it makes everyone in the society better off even though there can only be one winner.
B) Competition is an individualist system in which people do not concern themselves with the welfare of others.
C) Competition is the law of the jungle producing social wealth.
D) Competition is the process of trying to outdo others.
E) Competition occurs when people strive to satisfy the criteria others are using to allocate valued goods.
E
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Suppose a player can play 2 possible actions and has 5 possible decision nodes in a sequential game. Then he has 10 possible strategies he can play.
Answer the following statement true (T) or false (F)
One should be wary of consultants peddling best practices or secrets to success because
a. They have different incentives than you do b. Such best practices are public knowledge and easily duplicated c. These best practices can at best only provide temporary profitability d. All of the above
In the multiple regression model, the least squares estimator is derived by
A) minimizing the sum of squared prediction mistakes. B) setting the sum of squared errors equal to zero. C) minimizing the absolute difference of the residuals. D) forcing the smallest distance between the actual and fitted values.
Fiscal federalism refers to
a. passing money from one level of government to another. b. leaving indirect taxes to the states. c. keeping property taxes low. d. making all levels of government operate on a "pay as you go" basis.