A game is called a simultaneous move game if ________
A) players choose their actions at the same time
B) one player chooses her action after the other player makes a move
C) players choose mixed strategies to play the game
D) players choose their dominant strategies to play the game
A
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Suppose the market-clearing price of milk is $3.00 per gallon, but the diary industry persuades the government to establish a legally-mandated price support at $4.00 per gallon. The newly legislated price tends to
A) reduce the demand for milk. B) increase the production of milk. C) create a shortage of milk. D) decrease the price of milk products.
The fact of increasing opportunity costs means that a production possibilities frontier will
A) be a straight line. B) reach a maximum and then gradually decrease. C) bow outward. D) shift outward over time.
Drivers with auto insurance being more likely to act carelessly is an example of:
A. asymmetric selection. B. adverse selection. C. information optimization. D. moral hazard.
Which of the following is a TRUE statement?
A. The most important source of economic growth is the extent to which the government directly enters into decisions where research and development activities should be directed and who should be involved in research and development activity. B. The most important sources of economic growth are the quantity and quality of the land and other natural resources a country controls. C. The most important source of economic growth is the rate of population growth since a growing population stimulates demand for goods and services, and provides the labor to produce the goods and services. D. The most important sources of economic growth are the new ideas generated by entrepreneurs in an economic system that permits them to capture the rewards of their entrepreneurial activities.