Game theory is:
A. the study of how people behave strategically under different circumstances.
B. used to evaluate the microeconomic choices that involve probabilities of different outcomes.
C. used to predict the winners of only certain types of strategic games.
D. the study of games of chance like solitaire or betting on horse races.
Answer: A
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When the short term adjustment of a nation's price level is sluggish, economists will often discuss the nation's
A) price inertia. B) policy assignment. C) trade restrictions. D) central bank independence.
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. What is Charlie's dominant strategy?
A. Rock
B. Paper
C. Scissors
D. Charlie does not have a dominant strategy.
The market demand for loanable funds is represented by a(n) ________ demand curve, reflecting a declining rate of return on investment
a. downward-sloping b. upward-sloping c. positively-sloping d. horizontal
Approximately how many workers are employed in the U.S. health care industry?
A. 850,000. B. 925,000. C. 5.8 million. D. 17 million.