The conditions that will always identify a Nash equilibrium include:
a. subjectively getting into the mind of one's opponent
b. a reflexive assessment of the best reply responses
c. a prospective condition of improvement
d. a through c
e. b and c only
e
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If a goat bites a visitor at a petting zoo, the owner would be covered by
a. Workers' compensation b. Property insurance c. Renter's insurance d. None of the above
A U.S. company uses U.K. pounds it already owned to purchase bonds issued by a company in the U.K. Which of these countries has an increase in net capital outflow?
a. The U.S. and the U.K. b. The U.S. but not the U.K. c. The U.K. but not the U.S. d. Neither the U.S. nor the U.K.
The user cost of extracting a nonrenewable resource is:
A. the sum of the dollar expenditures incurred to extract the resource. B. the cost of not being able to extract it in the future if it is extracted and sold in the present. C. the selling price of the resource to the companies using it to produce goods and services. D. directly proportional to how much of the nonrenewable resource remains.
Five hundred units of good x are currently bought and sold. The marginal buyer is willing to pay $40 for the 500th unit, and the cost to the marginal seller is $35 for the 500th unit. We know that
a. the equilibrium price of good x is somewhere between $35 and $40. b. the equilibrium quantity of good x exceeds 500 units. c. 500 units is not an efficient quantity of good x. d. All of the above are correct.